The bill amends various sections of the Minnesota Statutes to enhance prescription drug transparency and reporting requirements for entities involved in the federal 340B program. Key provisions include a mandate for 340B covered entities, such as hospitals, to report detailed financial data on prescription drugs, including acquisition costs and payments made to contract pharmacies, specifically for the 50 most frequently dispensed drugs. This data will be classified as nonpublic, and penalties for non-compliance will include daily fines for late submissions. Additionally, the bill introduces new obligations for drug manufacturers to report price increases for drugs priced at $100 or more, requiring them to provide reasons for the increase and other relevant sales data.

Furthermore, 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 detailed information to the commissioner within 60 days of notification, including drug descriptions, pricing history, and acquisition costs. The bill also clarifies reporting periods and updates registration requirements for reporting entities, which will take effect in 2026 with an annual registration deadline of January 30. Overall, the legislation aims to improve transparency in drug pricing and distribution practices in Minnesota, ensuring that relevant data is accessible while protecting sensitive information.

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