The 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 prescription drug transactions, such as acquisition costs and payments made to contract pharmacies, specifically for the 50 most frequently dispensed drugs. The submitted data will be classified as nonpublic, and penalties for non-compliance will include daily fines for late submissions. Additionally, the bill requires manufacturers to report price increases for drugs priced at $100 or more and establishes a public posting requirement for the commissioner to disclose information about drugs of substantial public interest.

Further amendments introduce new reporting requirements for manufacturers, pharmacies, pharmacy benefit managers (PBMs), and wholesale drug distributors, effective January 1, 2024. These entities must provide detailed information, including drug descriptions, pricing history, and acquisition costs, within 60 days of notification. The bill also removes references to a 12-month reporting period, streamlining the process. It allows small or independent pharmacies to receive extensions or exemptions from compliance if necessary and requires wholesale drug distributors to report on drugs distributed within or into Minnesota. The registration requirements for reporting entities are updated, with a new effective date of 2026 for annual registration updates, ultimately aiming to enhance transparency in the pharmaceutical market and improve regulatory oversight.

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