Relating to participation in federal prescription drug pricing programs.

HB 5553 allows West Virginia's Public Employees Insurance Agency (PEIA) and the Department of Human Services to voluntarily join federal prescription drug pricing programs, such as those using international reference pricing models. The bill permits these agencies to negotiate drug prices directly with manufacturers or use federal benchmarks for reimbursement, but only if it saves money for the state and maintains beneficiary access to necessary medications. It explicitly prohibits requiring the state to adopt federal drug lists or override existing state pharmacy benefit rules. Both agencies must report annually to the legislature on program participation, estimated savings, and any access issues.