IL HB2882

Creates the Pharmaceutical and Health Affordability Act to prohibit manufacturers and wholesale drug distributors from engaging in price gouging on essential off-patent or generic drugs sold in Illinois.

Defines "price gouging" as an unconscionable price increase that exceeds specified thresholds: 30% within one year, 50% within three years, or 75% within five years for drugs with a 30-day wholesale acquisition cost exceeding $20, or any excessive increase that unduly burdens consumers.

Allows the Director of Healthcare and Family Services and Director of Central Management Services to notify the Attorney General of price gouging violations in state health programs; the Attorney General can then request detailed cost justification statements from manufacturers within 45 days.

Authorizes circuit courts to issue orders enjoining violations, restoring overcharged amounts to consumers, requiring price rollbacks for up to one year, and imposing civil penalties up to $10,000 per violation.

Exempts financial information provided to the Attorney General from public disclosure under the Freedom of Information Act, except when the Attorney General files legal proceedings and deems disclosure in the public interest.