An Act To Direct The Maine Prescription Drug Affordability Board To Assess Strategies To Reduce Prescription Drug Costs And To Take Steps To Implement Reference-Based Pricing

LD 697 directs Maine's Prescription Drug Affordability Board to set annual spending targets for prescription drugs purchased by state and local government health plans (excluding MaineCare), using a formula based on a 10-year average of medical care costs plus inflation, minus savings. The board must assess cost-reduction strategies, including reference-based pricing - which aligns drug prices with those in other regions - and establish a 12-member advisory council with representatives from state agencies, labor unions, and consumer groups to advise on setting targets and methods. The board will also identify public payors (state, county, and municipal health plans) likely to exceed the spending targets.