MI HB4409

Requires drug manufacturers to report to the Department of Insurance and Financial Services within 30 days of increasing wholesale acquisition cost of qualified prescription drugs by 15% or more annually or 40% or more over 3 years.

Reports must include drug name, type, cost increase percentage, company-level research and development costs, development costs funded by government programs, and FDA approvals and patent expirations from previous 5 years.

Requires drug manufacturers to notify the department within 3 calendar days when introducing new prescription drugs exceeding Medicare Part D specialty drug cost thresholds, including information on FDA designations and acquisition or development costs.

Department shall prepare and file annual reports with legislative committees and fiscal/policy agencies containing aggregate data without disclosing information that would harm drug manufacturers' competitive or proprietary interests; reports must be posted publicly on department website.

Violations subject to civil fines of up to $100,000 per month for each month a report is not filed; act becomes effective January 1, 2024.