New Jersey has announced the release of their Drug Affordability Unit website, within the umbrella of the NJ Division of Consumer Affairs. The new website provides registration information for Pharmaceutical Manufacturers as well as report submission details. SPOILER ALERT - Manufacturers, pharmacy benefits managers, wholesalers, and carriers will be required to register with the Division and pay an annual assessment of $4,740 beginning in January 2025.
Until any portal or other data collection approach is announced, Reporting Entities will need to submit required information on Excel spreadsheets using templates for Price Increase Notifications, Price Increase Reports, New Drug Notifications and New Drug Reports. As a reminder, reporting is required for manufacturers when price increases hit 10% or more within a 12-month period, and when new drugs are launched at or above the Specialty Drug Threshold. The price increase and new drug notification and reporting requirements of P.L. 2023, c. 106 (codified at N.J.S.A. 45:14-82.3) took effect on August 1, 2024. Manufacturers are expected to comply with those statutory requirements, even if the price increase or introduction of a new drug occurred prior to the publication of regulations implementing P.L. 2023, c. 106.
Pharosity is here to help with this and all other state transparency reporting. Our STARS application already has the new NJ reports covered in its algorithms and legal database. Contact our expert, Forrest Shue at forrest@pharosity.com for more details!
Comments