The proposed bill seeks to regulate the pricing of generic and off-patent drugs in Minnesota by prohibiting excessive price increases by manufacturers. It defines "excessive price increase" based on specific inflation-adjusted thresholds and minimum dollar increases for a 30-day supply. The bill establishes a Prescription Drug Affordability Board and an advisory council to oversee drug pricing, conduct cost reviews, and provide remedies for violations. Manufacturers are required to maintain a registered agent in the state and notify authorities of any potential price increases that may violate the new regulations. The attorney general is empowered to investigate and take action against manufacturers imposing excessive price increases, with significant penalties for non-compliance.

Additionally, the bill introduces amendments to existing laws regarding prescription drug pricing and disciplinary actions for pharmacy professionals. It allows ERISA plans and Medicare Part D plans to exceed the upper payment limit set by the board but mandates that providers bill all payers no more than this limit. The bill increases the maximum civil penalty for violations related to drug pricing from $10,000 to $25,000 and expands the grounds for disciplinary action against pharmacy professionals. It also allocates funding from the general fund for the implementation of the Prescription Drug Affordability Act, ensuring resources are available for enforcement.

Statutes affected:
Introduction: 151.071
1st Engrossment: 151.071
2nd Engrossment: 151.071
3rd Engrossment: 151.071
1st Engrossment: 151.071
2nd Engrossment: 151.071
3rd Engrossment: 151.071