SB 24-077

Senate Bill 24-077, which has been signed into law, requires prescription drug manufacturers selling their products in Colorado to register with the state and pay a registration fee. The bill also mandates that these companies provide copayment assistance programs for people who are enrolled in health benefit plans, helping them cover costs until they meet their deductible or out-of-pocket maximums. Violating this requirement is considered an unfair business practice. This law affects both drug manufacturers and consumers by ensuring more affordable access to prescription drugs through financial support from the manufacturers themselves.

Official Summary

The bill requires each manufacturer of a prescription drug that is available for purchase in this state (manufacturer) to register with and pay a fee to the division of insurance. The bill requires a manufacturer to offer a copayment assistance program to a covered person, either for the entire plan year or for the calendar year, whichever the deductible and out-of-pocket calculation applies to, for as long as the covered person is enrolled in the health benefit plan. A manufacturer that violates the requirements commits an unfair method of competition and an unfair or deceptive act or practice in the business of insurance. (Note: This summary applies to this bill as introduced.)