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S.F. No. 2942 - Prescription Drug Cost Transparency
 
Author: Senator Melisa Franzen
 
Prepared By: Katie Cavanor, Senate Counsel (651/296-3801)
 
Date: March 24, 2016



 

SF 2942 requires drug manufacturers to annually report on the cost of the most expensive prescription drugs available in Minnesota.

Section 1 (144.7031) establishes cost reporting for qualifying prescription drugs.

Subdivision 1 specifies that it is the intent of the legislature to make pharmaceutical pricing as transparent as possible.

Subd. 2 defines manufacturer and wholesale acquisition cost (WAC).

Subd. 3, paragraph (a), requires drug manufacturers of prescription drugs that are available in Minnesota that have a wholesale acquisition cost of $1000 or more annually or per course of treatment to file a report with the Commissioner of Health on the cost for each qualifying drug. 

Paragraph (b) specifies what must be included in the report for each qualifying drug.

Paragraph (c) requires this information to be itemized and documented by the manufacturer and audited by an independent third-party auditor before filing the report with the commissioner.

Paragraph (d) requires manufacturers to file the required information annually with the commissioner on a form prescribed by the commissioner no later than May 1 of each year beginning May 1, 2017.

Subd. 4 requires the commissioner to submit an annual report to the legislature by August 1 of each year beginning August 1, 2017, summarizing the information submitted.  Requires the commissioner to make the report available to the public on the department’s Web site.

Subd. 5 requires the commissioner to develop the form required to be used under this section.

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