HB483 • 2026

Prescription Drug Affordability Board; established.

An Act to amend and reenact § 32.1-276.7:1 of the Code of Virginia and to amend the Code of Virginia by adding in Title 32.1 a chapter numbered 7.3, consisting of sections numbered 32.1-276.12, 32.1-276.13, and 32.1-276.14, and by adding in Article 1 of Chapter 34 of Title 54.1 a section numbered 54.1-3431.1, relating to prescription drug affordability advisory panel established; maximum fair price; annual reports; civil penalties.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Delaney
Last action: 2026-05-19
Official status: Governor's Veto
Effective date: Not listed

Plain English Breakdown

The bill was vetoed by the Governor due to concerns about its effectiveness and cost.

Prescription Drug Affordability Advisory Panel

This act establishes a Prescription Drug Affordability Advisory Panel to study and report on ways to make prescription drugs more affordable in Virginia.

What This Bill Does

Establishes an advisory panel to analyze data, develop policy recommendations, and identify barriers related to strategies for improving prescription drug affordability.
Requires the panel to provide annual reports on prescription drug pricing trends and any policy recommendations on legislation to improve affordability.
Directs pharmacy benefits managers to share information with the panel upon request.
Prohibits prescription drug manufacturers or wholesale distributors from accepting payment higher than a maximum fair price set by federal law for certain drugs in Virginia.
Imposes civil penalties of up to $10,000 per violation and up to $100,000 if a manufacturer removes a referenced drug without proper notice.

Who It Names or Affects

People who need prescription drugs
Pharmacy benefits managers
Prescription drug manufacturers or wholesale distributors

Terms To Know

Prescription Drug Affordability Advisory Panel: A group that studies ways to make prescription drugs cheaper.
Maximum Fair Price: The highest price a drug company can charge for certain medicines in Virginia, as established by federal law.

Limits and Unknowns

The bill was vetoed by the Governor due to concerns about its effectiveness and cost.
It is not clear if similar boards have been successful in other states.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB483G

2026-04-13 • Governor

Governor's Recommendation

Plain English: (HB483) GOVERNOR'S RECOMMENDATION I approve the general purpose of this bill, but I am returning it without my signature with the request that the attached Amendment in the Nature of a Substitute (26110211D) be accepted.

(HB483) GOVERNOR'S RECOMMENDATION I approve the general purpose of this bill, but I am returning it without my signature with the request that the attached Amendment in the Nature of a Substitute (26110211D) be accepted.

HB483AHC1

2026-01-27

Labor and Commerce Amendment

Plain English: OFFERED FOR CONSIDERATION 1/27/2026 HB 483 SUBCOMMITTEE 1.

OFFERED FOR CONSIDERATION 1/27/2026 HB 483 SUBCOMMITTEE 1.
Line 64, introduced, after centers, strike or insert and SUBCOMMITTEE 2.
At the beginning of line 236, introduced strike independent SUBCOMMITTEE 3.
Line 263, introduced, after have strike the remainder of line 263 and through have on line 264 insert (i) been on the market for at least three years; (ii) a wholesale acquisition cost that is not 20 percent or more lower than the referenced brand biologic wholesale acquisition cost at the time of the biosimilar launch; and (iii) SUBCOMMITTEE 4.

HB483AHC2

2026-01-28 • Committee

Subcommittee #1 Subcommittee Amendment

Plain English: 1/28/2026 HB 483 SUBCOMMITTEE 1.

1/28/2026 HB 483 SUBCOMMITTEE 1.
Line 64, introduced, after centers, strike or insert and SUBCOMMITTEE 2.
At the beginning of line 236, introduced strike independent SUBCOMMITTEE 3.
Line 263, introduced, after have strike the remainder of line 263 and through have on line 264 insert (i) been on the market for at least three years; (ii) a wholesale acquisition cost that is not 20 percent or more lower than the referenced brand biologic wholesale acquisition cost at the time of the biosimilar launch; and (iii) SUBCOMMITTEE 4.

HB483AH1

2026-01-30 • Committee

Labor and Commerce Amendment

Plain English: 1/30/2026 HB 483 LABOR AND COMMERCE 1.

1/30/2026 HB 483 LABOR AND COMMERCE 1.
Line 64, introduced, after centers, strike or insert and LABOR AND COMMERCE 2.
At the beginning of line 236, introduced strike independent LABOR AND COMMERCE 3.
Line 263, introduced, after have strike the remainder of line 263 and through have on line 264 insert (i) been on the market for at least three years; (ii) a wholesale acquisition cost that is not 20 percent or more lower than the referenced brand biologic wholesale acquisition cost at the time of the biosimilar launch; and (iii) LABOR AND COMMERCE 4.

HB483H1

2026-04-14 • Governor

Governor Substitute

Plain English: 2026 SESSION HOUSE SUBSTITUTE 26110211D HOUSE BILL NO.

2026 SESSION HOUSE SUBSTITUTE 26110211D HOUSE BILL NO.
483 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Governor on April 13, 2026) (Patron Prior to Substitute—Delegate Delaney) A BILL to amend and reenact §§ 32.1-276.3 and 32.1-276.7:1 of the Code of Virginia and to amend the Code of Virginia by adding in Title 32.1 a chapter numbered 7.3, consisting of sections numbered 32.1-276.12 , 32.1-276.13 , and 32.1-276.14 , and by adding in Article 1 of Chapter 34 of Title 54.1 a section numbered 54.1-3431.1 , relating to prescription drug affordability advisory panel established; maximum fair price; annual reports; civil penalties; report.
Be it enacted by the General Assembly of Virginia: 1.
That §§ 32.1-276.3 and 32.1-276.7:1 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding in Title 32.1 a chapter numbered 7.3, consisting of sections numbered 32.1-276.12 , 32.1-276.13 , and 32.1-276.14 , and by adding in Article 1 of Chapter 34 of Title 54.1 a section numbered 54.1-3431.1 as follows: § 32.1-276.3 .

Bill History

2026-05-19 House
Governor's Veto Received by House
2026-05-19 Governor
Vetoed by Governor
2026-04-23 House
Communicated to Governor
2026-04-23 Governor
Governor's Action Deadline 11:59 p.m., May 23, 2026
2026-04-23 House
Passed by for the day
2026-04-22 House
Passed by for the day
2026-04-13 Governor
Governor's recommendation received by House
2026-03-31 House
Enrolled Bill communicated to Governor on March 31, 2026
2026-03-31 Governor
Governor's Action Deadline 11:59 p.m., April 13, 2026
2026-03-31 House
Signed by Speaker
2026-03-31 House
Enrolled Bill communicated to Governor on March 31, 2026
2026-03-31 Governor
Governor's Action Deadline 11:59 p.m., April 13, 2026
2026-03-31 House
Fiscal Impact Statement from Department of Planning and Budget (HB483)
2026-03-30 Senate
Signed by President
2026-03-30 House
Enrolled
2026-03-30 House
Bill text as passed House and Senate (HB483ER)
2026-03-23 Finance and Appropriations
Fiscal Impact Statement from Department of Planning and Budget (HB483)
2026-03-12 House
Senate substitute agreed to by House (87-Y 11-N 0-A)
2026-03-11 Senate
Read third time
2026-03-11 Senate
Read third time
2026-03-11 Senate
Engrossed by Senate - committee substitute
2026-03-11 Commerce and Labor
Commerce and Labor Substitute rejected
2026-03-11 Finance and Appropriations
Finance and Appropriations Substitute agreed to
2026-03-11 Senate
Passed Senate with substitute (34-Y 6-N 0-A)
2026-03-10 Senate
Rules suspended
2026-03-10 Senate
Rules suspended
2026-03-10 Senate
Passed by for the day
2026-03-10 Finance and Appropriations
Committee substitute printed 26109533D-S2
2026-03-10 Senate
Constitutional reading dispensed Block Vote (on 2nd reading) (37-Y 0-N 0-A)
2026-03-10 Senate
Passed by for the day Block Vote (Voice Vote)
2026-03-09 Commerce and Labor
Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations (12-Y 3-N)
2026-03-09 Finance and Appropriations
Reported from Finance and Appropriations with substitute (10-Y 4-N)
2026-03-09 Senate
Senate committee offered
2026-03-09 Commerce and Labor
Committee substitute printed 26109394D-S1
2026-02-17 House
Fiscal Impact Statement from Department of Planning and Budget (HB483)
2026-02-16 Senate
Constitutional reading dispensed (on 1st reading)
2026-02-16 Commerce and Labor
Referred to Committee on Commerce and Labor
2026-02-13 House
Read third time and passed House (61-Y 33-N 0-A)
2026-02-12 House
Read second time
2026-02-12 House
committee amendments agreed to
2026-02-12 House
Engrossed by House as amended
2026-02-11 House
Read first time
2026-02-09 Appropriations
Reported from Appropriations (17-Y 5-N)
2026-02-06 Health & Human Resources
Subcommittee recommends reporting (6-Y 1-N)
2026-01-30 Health & Human Resources
Assigned HAPP sub: Health & Human Resources
2026-01-29 Labor and Commerce
Reported from Labor and Commerce with amendment(s) and referred to Appropriations (14-Y 8-N)
2026-01-27 Subcommittee #1
Subcommittee recommends reporting with amendment(s) and referring to Appropriations (5-Y 4-N)
2026-01-27 Subcommittee #1
House subcommittee offered
2026-01-27 House
Fiscal Impact Statement from Department of Planning and Budget (HB483)
2026-01-19 Subcommittee #1
Assigned HCL sub: Subcommittee #1
2026-01-12 House
Prefiled and ordered printed; Offered 01-14-2026 26104953D
2026-01-12 Labor and Commerce
Referred to Committee on Labor and Commerce

Official Summary Text

Prescription Drug Affordability Advisory Panel established; maximum fair price; annual reports; civil penalties.
Directs the Secretary of Health and Human Resources to establish the Prescription Drug Affordability Advisory Panel to conduct data analyses, develop policy recommendations, and identify implementation barriers related to strategies to improve prescription drug affordability, enhance price transparency, and strengthen data collection practices for prescription drugs across public and private payers. The bill requires the Panel to (i) report annually on prescription drug pricing trends and any policy recommendations on legislation to improve prescription drug affordability and (ii) provide quarterly updates on prescription drug pricing trends. The bill requires each pharmacy benefits manager to provide to the Panel, upon request, certain information relating to the dispensation of a referenced drug, as defined in the bill.
The bill prohibits prescription drug manufacturers or wholesale distributors permitted or licensed in the Commonwealth from accepting payment at an amount higher than the maximum fair price established by the U.S. Secretary of Health and Human Services pursuant to federal law for the sale of a referenced drug intended for use by individuals in the Commonwealth. Under the bill, an entity that violates such prohibition is subject to a civil penalty of $10,000 per violation. The bill also prohibits a manufacturer subject to its provisions from removing a referenced drug from sale distribution in the Commonwealth for the purpose of avoiding the impact of the bill's rate limitations without providing certain prior notice. Under the bill, a manufacturer that violates such prohibition on removing a referenced drug without the required notice is subject to a civil penalty equal to the greater of $100,000 or the total amount of annual savings for the referenced drug, as determined by the Board of Pharmacy. This bill is identical to SB 271.

Current Bill Text

Read the full stored bill text

(HB483)
GOVERNOR'S VETO
Pursuant to Article V, Section 6, of the Constitution of Virginia, I veto House Bill 483.
I share and appreciate the General Assembly's commitment to lowering prescription drug costs for Virginians. During this past General Assembly session, the legislature took important steps toward lowering healthcare costs by passing bills to hold pharmacy benefit managers accountable and to require health insurance carriers to offer plans that cap monthly out-of-pocket costs for drugs. I was proud to sign these critical bills into law. However, I am vetoing House Bill 483 because evidence from other states clearly show that Prescription Drug Affordability Boards (“PDABs”) do not achieve this goal. They are expensive undertakings that other states have either repealed or are considering repealing due to costs and ineffectiveness.
As such, I offered amendments to the General Assembly that would have directed the Prescription Drug Affordability Advisory Panel to study a reference-based pricing system before the state spends millions of dollars on implementation. My amendments also would have required greater drug pricing transparency for consumers and policymakers, providing new data to give insight into drivers of out-of-pocket costs in Virginia. Lastly, my amendments would have expanded the Attorney General's investigatory and enforcement authority to crack down on anticompetitive behavior between pharmaceutical manufacturers and insurance carriers.
Unfortunately, the General Assembly rejected these amendments. I look forward to partnering with the General Assembly on proposals that will reduce the cost of prescription drugs for Virginians across the Commonwealth.
Accordingly, I veto this bill.