CT HB05384

Requires pharmacy benefits managers to file annual reports with the Insurance Commissioner detailing rebates collected from pharmaceutical manufacturers, beginning March 1, 2021, with penalties up to $7,500 for violations.

Mandates health carriers submit detailed prescription drug cost information with rate filings, including the 25 most frequently prescribed drugs, drugs with greatest costs, drugs with largest year-over-year increases, and breakdowns by brand name, generic, and specialty drugs.

Requires health carriers to certify annually that they account for all rebates when calculating health insurance premiums, beginning March 1, 2022.

Establishes reporting requirements for pharmaceutical manufacturers and sponsors of pipeline drugs, and authorizes the Office of Health Strategy to study drugs with significant state expenditure impact and request information on cost increases and research and development expenses.

Expands consumer information requirements for health insurers to include details on noncovered drug coverage processes and improves access to information about prescription drug costs, formularies, and prior authorization requirements.