Fiscal impact
reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for
standing finance committees of the NM Legislature. The LFC does not assume
responsibility for the accuracy of these reports if they are used for other
purposes.
Current FIRs (in
HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us). Adobe PDF versions include all attachments,
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Previously issued FIRs and attachments may also be obtained from the LFC
in
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SPONSOR |
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DATE TYPED |
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HB |
551 |
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SHORT
TITLE |
Drug Pricing Disclosure Act |
SB |
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ANALYST |
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APPROPRIATION
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Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
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FY04 |
FY05 |
FY04 |
FY05 |
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See Narrative |
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Duplicates SB 378
LFC Files
Responses
Received From
Board
of Pharmacy (PB)
SUMMARY
Synopsis of Bill
House Bill 551creates
the Drug Pricing Disclosure Act and requires pharmacies to disclose retail
prices of prescription drugs, upon written or telephoned request or when
requested in person.
Significant Issues
The Board of Pharmacy provided
the following:
Not all pharmacies
provide the same level of service as others. The price to the consumer is being
compared solely on the medication.
It is entirely
possible that consumers will read a prescription incorrectly to the pharmacist,
pharmacy technician, or pharmacy intern and get quoted a price that may be
totally wrong once the consumer presents the actual prescription at the
pharmacy.
Currently, many pharmacies
will provide pricing information pursuant to requests in person, by telephone,
and in writing. Pharmacies that do not
provide this information, unless a request is made in person, do so to prevent
misquotes.
Pharmacies may feel
that they are being singled out of the health care profession since the requirement
to provide prices is not mandated for all health care providers
FISCAL IMPLICATIONS
The Board of Pharmacy
will have to implement rules to enforce this statute and be placed in a
position to mediate disputes over price quotes, and can accomplish this with
existing resources.
ADMINISTRATIVE IMPLICATIONS
The Board of Pharmacy
will be requires to develop rules to guide inspectors in the enforcement of the
provisions of this bill. The Board believes they are likely to receive a
substantial number of complaints from consumers regarding pricing. This is an area in which the Board has never
been involved.
POSSIBLE QUESTIONS
There are several
practitioners and clinics in the state that sell prescription medications to
their patients. Will this statute apply
to them as well?
DW/njw:dm