HB3609 Summary

• Requires prescription drug manufacturers to notify state purchasers, health insurers, health care service plans, and pharmacy benefit managers of price increases exceeding 10% for drugs with wholesale acquisition costs over $40 per course of therapy, with written notice provided at least 60 days before the increase takes effect.

• Manufacturers must report detailed pricing information within 30 days of notification, including current wholesale acquisition cost, per-unit dollar amount of increase, 5-year pricing history, and description of financial and non-financial factors contributing to the price.

• Manufacturers introducing new prescription drugs to market at or above the Medicare Part D specialty drug threshold must provide written notice to specified parties at least 30 days before commercial release and submit detailed pricing information within 30 days.

• Failure to provide required notifications and reports results in a civil penalty of $10,000 per day for each day the manufacturer fails to comply after the notification period expires.

• Requires the Department of Public Health to conduct annual public hearings on prescription drug pricing trends and publish reports summarizing findings and manufacturer-provided information, excluding trade secrets and Freedom of Information Act-exempt materials.