Establishes "Equitable Drug Pricing and Patient Access Act."

The "Equitable Drug Pricing and Patient Access Act" (S 3538) sets a minimum reimbursement rate for pharmacies dispensing drugs to Medicaid patients, requiring payments to cover the national average drug cost plus a $10.92 dispensing fee. It mandates Medicaid managed care plans to allow patients to choose any participating pharmacy and to reimburse out-of-network pharmacies at the same rate as in-network ones. The bill also requires the State Auditor to audit pharmacy pricing practices within Medicaid to identify potential state savings from these changes. These provisions directly affect pharmacies, Medicaid managed care organizations, and New Jersey's Medicaid program.