The bill, identified as Substitute Senate Bill No. 241 with File No. 382, mandates that each entity covered by the federal 340B Drug Pricing Program must submit an annual report to the Health Systems Planning Unit of the Office of Health Strategy (OHS) by April 1, 2025, and annually thereafter. The report must include detailed information about the entity's participation in the program, such as the aggregated acquisition cost for prescription drugs, payment amounts received for these drugs, payments made to contract pharmacies, the number of claims, and the national drug code number for the fifty most frequently dispensed prescription drugs if the entity is a hospital. Additionally, the report must describe programs and services funded by savings from the program that support community access to care and would not be sustainable without such savings. The information must be disaggregated by payer mix, including Medicare, Medicaid, and private insurance, and must also include drugs dispensed by outpatient facilities that are child sites listed on a hospital's Medicare cost report.

The bill requires the executive director of the OHS to post a summary of the aggregate information received on the OHS's website. The bill is set to take effect on October 1, 2024, and does not have any fiscal impact on the state or municipalities, as the additional workload is expected to be managed by existing staff. The bill emphasizes transparency in the 340B Program and aims to provide a clearer picture of how entities are utilizing the program and the benefits derived from it. The Public Health Committee has given a Joint Favorable Substitute recommendation for the bill.