Improves access to lower-cost generic and biosimilar drugs.

This bill requires New Jersey's Medicaid managed care organizations to automatically cover lower-cost generic and biosimilar drugs when they are cheaper than the original brand drugs. Specifically, if a generic drug's wholesale cost is lower than its reference drug at launch, the health plan must immediately add it to their formulary with better cost-sharing (like lower copays) and cannot impose extra barriers like prior authorization. The bill also mandates that health plans publish clear, accessible formulary lists online with update dates, ensuring transparency for Medicaid enrollees and the public. These changes directly affect Medicaid health plans and beneficiaries by improving access to affordable medications.