This bill aims to improve transparency in prescription drug pricing and reporting in Minnesota by imposing new requirements on manufacturers and health plans. It mandates that manufacturers report detailed pricing information for drugs with a wholesale acquisition cost of $100 or more and requires health plans to file their prescription drug formularies with the commissioner. Key insertions include the obligation for manufacturers to provide specific pricing details, such as the national drug code and average wholesale price, as well as a new section that outlines the process for notifying the commissioner of any price increases for drugs included in health plan formularies. The bill also emphasizes public access to this pricing information while ensuring the protection of sensitive data.

Additionally, the bill introduces amendments to existing laws governing pharmacists and pharmacies, allowing the board to delay new licenses if there is pending disciplinary action and expanding the list of violations that can lead to disciplinary measures. It establishes new standards for electronic prescribing and mandates that health plan companies provide formulary and benefit information electronically and in writing at least 30 days before annual renewal dates. The provisions regarding formulary changes require health plan companies to notify prescribers and affected enrollees of any changes that may increase costs, with these new regulations set to take effect on January 1, 2024.

Statutes affected:
Introduction: 62A.02, 62J.84, 151.071, 62J.497
1st Engrossment: 62A.02, 62J.84, 151.071, 62J.497
1st Engrossment: 62A.02, 62J.84, 151.071, 62J.497