MN SF2942

Requires pharmaceutical manufacturers of drugs with a wholesale acquisition cost (WAC) of $1,000 or more per month or per course of treatment to file annual cost reports with the Minnesota commissioner

Report must include total production costs (research and development, clinical trials, materials, manufacturing, administration, and marketing/advertising), cumulative price increase history, total profit in dollars and as percentage of company profits, and patient assistance program amounts

All reported information must be itemized, documented by manufacturers, and audited by an independent third-party auditor before filing by May 1 annually

Commissioner must issue an annual report to the legislature by August 1 summarizing submitted information and make the report available publicly on the agency website

Commissioner shall consult with pharmaceutical industry representatives, health carriers, pharmacy benefit managers, state agencies, consumer advocates, pharmacists, and physicians when developing the reporting form