Improves access to lower-cost generic and biosimilar drugs.

This bill aims to improve access to lower-cost generic and biosimilar drugs in New Jersey. It establishes guidelines for healthcare providers and managed care organizations to prioritize biosimilars when appropriate, and requires them to maintain accessible formularies that reflect the availability of these cost-effective alternatives. The bill also mandates that managed care organizations offer generic drugs with favorable cost-sharing arrangements when they are less expensive than brand-name drugs. Finally, it ensures that vendors and managed care organizations do not continue to cover brand drugs if generic or biosimilar options are medically appropriate and cost-effective.