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. It mandates that 340B covered entities report detailed financial data on drug acquisition costs, payments received, and the number of units dispensed, with a focus on reporting by payer type. Hospitals are required to report this information at the national drug code level for the 50 most frequently dispensed drugs. The bill also updates enforcement provisions, allowing for daily fines for non-compliance and granting the commissioner the authority to provide extensions or exemptions.

In addition, the bill introduces new reporting requirements for drug manufacturers regarding price increases for drugs priced at $100 or more, necessitating detailed information about these hikes. It establishes a public posting requirement for the commissioner to disclose information on prescription drugs of significant public interest, including a list of drugs that have triggered reporting requirements. Furthermore, the bill modifies registration requirements for manufacturers, pharmacies, pharmacy benefit managers (PBMs), and wholesale drug distributors, changing the effective date for compliance from 2024 to 2026 and requiring annual updates to registration information. Overall, these amendments aim to enhance transparency in drug pricing and distribution, thereby improving public health policy and consumer protection efforts in Minnesota.

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