(1) The Colorado prescription drug affordability review board is created in the division. The board is a type 1 entity, as defined in section 24-1- 105. The board exercises its powers and performs its duties and functions under the department of regulatory agencies and is allocated to the division of insurance. The board is a body politic and corporate and is an instrumentality of the state. The board is an independent unit of state government, and the exercise by the board of its authority under this part 14 is an essential public function. (2) (a) The board consists of five members, who must each have an advanced degree and experience or expertise in health-care economics or clinical medicine. (b) The governor shall appoint each board member, subject to confirmation by the senate. All of the initial members of the board must be appointed by October 1, 2021. (c) The term of office of each board member is three years; except that, as to the terms of the members who are first appointed to the board, two such members shall serve three-year initial terms, two such members shall serve two-year initial terms, and one such member shall serve a one-year initial term, to be determined by the governor. The governor may remove any appointed member of the board for malfeasance in office, for failure to regularly attend meetings, or for any cause that renders the member incapable or unfit to discharge the duties of the member's office, and any such removal is not subject to review. (d) The governor shall designate one member of the board to serve as the chair. A majority of the board constitutes a quorum. The concurrence of a majority of the board in any matter within its powers and duties is required for any determination made by the board. (3) (a) An individual who is being considered for appointment to the board shall disclose any conflict of interest to the individual's potential appointing authority. When appointing a member of the board, an appointing authority shall consider any conflict of interest disclosed by the prospective member. (b) A board member must not be an employee, board member, or consultant of: (I) A manufacturer or a trade association of manufacturers; (II) A carrier or a trade association of carriers; or (III) A pharmacy benefit manager or a trade association of pharmacy benefit managers. (c) (I) Board members shall recuse themselves from any board activity or vote in any case in which they have a conflict of interest. (II) Staff members and contractors of the division, on behalf of the board, shall disclose any conflict of interest related to a prescription drug for which the board is conducting an affordability review or establishing an upper payment limit. (III) Notwithstanding subsection (3)(d) of this section and the reporting requirements set forth in section 10-16-1414 (1)(f), a conflict of interest disclosed by a staff member or by a contractor of the division, which disclosure pertains to a personal association, must remain confidential. The board, upon review of such a disclosure, may direct the staff member or contractor to recuse themselves based on the conflict of interest. (d) On and after January 1, 2022, the division shall maintain a page on its public website for the board to use for its purposes. The board shall disclose on the page each conflict of interest that is disclosed to the board pursuant to subsection (3)(c) of this section and section 10-16-1409 (5)(b). (e) Board members, staff members, contractors of the division, on behalf of the board, and immediate family members of board members, staff members, or contractors shall not accept a financial benefit or gifts, bequests, or donations of services or property that suggest a conflict of interest or have the appearance of creating bias in the work of the board. (4) The attorney general shall assign an assistant attorney general to provide legal counsel to the board. Any assistant attorney general assigned to the board pursuant to this subsection (4) shall disclose any conflict of interest to the board.
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