Prescription Drug Price Transparency

During the 2023 Legislative Session, the New Mexico State Legislature passed House Bill 33, the Prescription Drug Price Transparency Act. This legislation mandates the New Mexico Office of Superintendent of Insurance (OSI) to collect data from Drug Manufacturers, Pharmacy Services Administrative Organizations (PSAOs), authorized health insurers, and Pharmacy Benefit Managers (PBMs) regarding drug prices and sales. 

The law also requires OSI to report annually to legislative committees and the public. To fulfill this mandate, OSI will evaluate whether reporting entities meet the established reporting standards, analyze the data, and assess compliance with the Prescription Drug Price Transparency submission criteria. For additional information on these requirements, please refer to NMSA 1978, Section 59A-59A.