The proposed bill aims to improve transparency in prescription drug pricing and reporting requirements for manufacturers in Minnesota. It requires health plans to include their prescription drug formularies in filings with the commissioner, with any changes needing to be submitted by August 1 of the application year. Manufacturers must report detailed pricing information for drugs with a wholesale acquisition cost of $100 or more, including the national drug code, brand name, generic name, and average wholesale price. The bill also establishes penalties for non-compliance, with civil penalties reaching up to $10,000 per day for violations. Additionally, it mandates public posting of prescription drug price information on the department's website and allows the commissioner to collaborate with private entities and the University of Minnesota for effective implementation.

Moreover, the bill introduces amendments to existing laws regulating pharmacy practices and prescription drug benefits management. It permits the board to delay new licenses or registrations if there is pending disciplinary action with another health licensing agency and expands the list of violations for pharmacists and pharmacy technicians. New provisions address the failure of drug manufacturers to comply with regulations. The bill also sets standards for electronic prescribing, requiring health plan companies to disclose formularies electronically at least 30 days before annual renewals and ensuring that formulary changes are communicated to prescribers and enrollees with adequate notice. These provisions are scheduled 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
2nd Engrossment: 62A.02, 62J.84, 151.071, 62J.497
1st Engrossment: 62A.02, 62J.84, 151.071, 62J.497
2nd Engrossment: 62A.02, 62J.84, 151.071, 62J.497