H.B. 17 Summary

• Requires drug manufacturers to notify prescription drug benefit plans and pharmacy benefit managers in writing at least 60 days before implementing any price increase of 16% or more over a 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, the dollar amount of the increase, and a statement explaining whether clinical changes or improvements justify the price increase.

• Requires manufacturers to annually identify up to 10 prescription drugs where the state spends significant healthcare funds and that 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, including five-year cost history, factors contributing to price increases, acquisition details if not developed by the manufacturer, and company-level research and development expenditures.

• Directs the insurance commissioner to post a public list of prescription drug benefit plans and pharmacy benefit managers, and requires these entities to disclose addresses for receiving price increase notifications.