This bill amends various sections of the Minnesota Statutes to improve prescription drug transparency and reporting requirements for entities involved in the federal 340B program. Key provisions include a mandate for 340B covered entities to report detailed financial data on drug acquisition costs, payments received, and the number of units dispensed, categorized by payer type. Hospitals are specifically required to report this information at the national drug code level for the 50 most frequently dispensed drugs. The bill also updates enforcement measures, allowing for daily fines for non-compliance and granting the commissioner the authority to provide extensions or exemptions.

In addition to the 340B program changes, the bill establishes new reporting requirements for manufacturers, pharmacies, pharmacy benefit managers (PBMs), and wholesale drug distributors, effective January 1, 2024. These entities must submit comprehensive data to the commissioner within 60 days of notification, including drug descriptions, pricing information, and financial metrics. Notably, the bill introduces new reporting elements such as the year a drug was introduced in the U.S. and total administrative fees accrued by PBMs, while eliminating references to a 12-month reporting period prior to notification. The bill also allows for extensions for small or independent pharmacies facing compliance challenges and updates registration requirements for reporting entities to take effect in 2026, with an annual registration deadline of January 30. Overall, the legislation aims to enhance transparency in drug pricing and distribution practices in Minnesota.

Statutes affected:
Introduction: 62J.461, 62J.84