Senate Bill No. 368 aims to enhance transparency in prescription drug pricing by amending existing laws and introducing new reporting requirements for pharmaceutical drug manufacturers. The bill mandates that manufacturers notify the commissioner of insurance and the secretary of the Louisiana Department of Health within 30 days of significant price increases for brand name, generic, or biosimilar drugs, as well as the introduction of new drugs that exceed certain cost thresholds. Additionally, manufacturers must provide detailed information regarding the reasons for price increases, production costs, and research and development expenses. The bill also establishes a framework for public access to this pricing information and outlines penalties for non-compliance.

The legislation further empowers the commissioner and secretary to request pricing data from reporting entities and mandates that this information be made publicly accessible on relevant state websites. It allows for audits of the submitted data and requires a joint annual report to be submitted to state leadership, detailing trends in drug pricing and identifying the most costly and frequently prescribed drugs. The bill repeals a previous provision that required manufacturers to notify the state of price increases exceeding 15%, thereby streamlining the reporting process. The effective date for these changes is set for August 1, 2026.

Statutes affected:
SB368 Original: 22:1870(B)(5)