HI HB17

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

Notifications must include the effective date of the price increase, current and future wholesale acquisition costs in dollar amounts, and a statement explaining whether clinical changes or improvements in the drug justify the price increase.

Requires manufacturers to annually identify up to 10 prescription drugs where the state spends significant health care funds and which experienced wholesale acquisition cost increases of 50% or more over two years or 20% or more in a single year.

Mandates manufacturers report detailed information on identified drugs to the insurance commissioner, including five-year cost history, narrative explanation of cost increases, acquisition dates and prices, and company-level research and development expenditures.

Requires 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 facilitate receipt of price increase notifications.