IL SB0073

Requires prescription drug manufacturers to notify state purchasers, health insurers, health care service plan providers, and pharmacy benefit managers of price increases of 25% or more, or more than $10,000, at least 30 days before the increase takes effect, beginning January 1, 2018.

Manufacturers must report to the Department of Public Health within 30 days of notification of a price increase, including previous marketing budget, acquisition date and price if applicable, and a 5-year price history schedule.

Requires manufacturers to notify relevant entities of new prescription drugs costing $10,000 or more annually or per course of treatment, with notice provided 3 days before commercial availability or within 3 days of FDA approval.

Establishes an administrative penalty of $1,000 per day for manufacturers that fail to report required information to state purchasers, health insurers, health care service plans, or pharmacy benefit managers after the 30-day notification period.

Designates pricing information as confidential and exempt from public disclosure under the Freedom of Information Act until the price increase takes effect, with the entire section repealing on January 1, 2022.