SB 2276 Summary

• Requires prescription drug manufacturers to notify the insurance commissioner, prescription drug benefit plans, and pharmacy benefit managers at least 60 days before implementing price increases of a specified percentage or more over any two-year period for drugs costing more than $50 per course of therapy.

• Mandates manufacturers provide notification details including the effective date, current wholesale acquisition cost, dollar amount of increase, and whether clinical improvements justify the price increase.

• Requires manufacturers to annually identify up to ten drugs on which the State spends significant health care funds and whose wholesale acquisition costs increased by specified thresholds, then report detailed financial and operational information about those drugs to the insurance commissioner.

• Directs the insurance commissioner to post prescription drug benefit plan and pharmacy benefit manager contact information and price increase notifications on the Department of Commerce and Consumer Affairs website.

• Establishes fines for violations by drug manufacturers, with specific penalty amounts to be determined, and allows manufacturers to appeal enforcement decisions.