HI SB1328

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

Notice must include the effective date of the price increase, current wholesale acquisition cost, dollar amount of the increase, and a statement indicating whether a change or improvement in the drug necessitates the increase.

Defines "course of therapy" as the recommended daily dosage units for 30 days or for a normal course of treatment less than 30 days, as approved by the FDA.

Requires the insurance commissioner to post the names and addresses of prescription drug benefit plans and pharmacy benefit managers on the Department of Commerce and Consumer Affairs website to receive notifications.

Amends reporting requirements for prescription drug benefit plans to include a public contact address for receiving price increase notifications.

Takes effect January 1, 2020.