HI HB267

Requires prescription drug manufacturers to notify pharmacy benefit managers and prescription drug benefit plans in writing at least 60 days before implementing price increases of 16% or more over any two-year period for drugs with wholesale acquisition costs exceeding $40 per course of therapy.

Notifications must include the effective date of the price increase, current and future wholesale acquisition costs, the dollar amount of the increase, and an explanation of whether any drug improvements justify the price increase.

Requires manufacturers to annually identify up to 10 prescription drugs on which the State spends significant healthcare dollars and that experienced wholesale acquisition cost increases of 50% or more over two years or 20% or more over one year.

Mandates drug manufacturers provide the insurance commissioner with detailed reports on identified high-cost drugs, including five-year cost increase schedules, narrative descriptions of cost factors, acquisition information, and company-level research and development expenditures.

Directs the insurance commissioner to post contact information for prescription drug benefit plans and pharmacy benefit managers on the Department of Commerce and Consumer Affairs website to receive price increase notifications; effective July 1, 2050.