Legislation filed by Rep. Randy Fine seeks to reduce prescription drug costs by comparing them with international prices and setting lower price limits for pharmacies and insurers.

Rep. Randy Fine filed legislation on Saturday aimed at reducing prescription drug costs by comparing them with the international market.

Under the measure, prescription drug manufacturers operating in Florida would be required to annually report the prices of their drugs as sold in various selected countries, chosen based on their economic similarity to the United States, specifically those with a real gross domestic product per capita at least 40 percent of that of the U.S., and excluding those with single-payer health systems.

Once the price data is collected, it will be analyzed by a contracted entity to establish reference prices for each drug. This process involves adjusting the prices based on factors like the volume of sales and the economic disparities of the countries in question. The lowest of these adjusted prices will be set as the reference price in Florida.

The aim is to determine the lowest adjusted international price, which will then be used as the reference price in Florida.

“It is the policy of the state that patients and third party payers in the state should not pay more for prescription drugs than those in international markets,” reads Fine’s bill.

Moreover, pharmacies would be required to sell prescription drugs to cash-paying customers at no more than the reference price, potentially leading to significant reductions in out-of-pocket costs for many Floridians. Health insurers would also face changes: they must reimburse prescription drugs at rates not exceeding these reference prices, with the expected outcome of reducing insurance premiums and lowering costs for policyholders.

Sen. Joe Gruters filed the nearly identical Senate companion bill on Friday.