HF1246 - Prescription Drug Price Transparency Act Summary

• Drug manufacturers must report price increases to the Minnesota Commissioner of Health beginning October 1, 2021: brand name drugs with 10% or greater increases over 12 months (or 16% over 24 months) and generic drugs with 50% or greater increases over 12 months, for drugs priced at $100 or more per 30-day supply.

• Manufacturers must submit detailed information within 60 days of price increases, including factors contributing to increases, manufacturing and distribution costs, sales revenue, net profit, patient assistance program amounts, and pricing in other countries.

• Manufacturers must report new prescription drug pricing within 60 days of market introduction if priced above Medicare Part D specialty drug tier thresholds, and report newly acquired drug pricing when acquisition prices trigger reporting thresholds.

• The Commissioner of Health shall publicly post reported information on the department website in an easy-to-read format while withholding trade secrets and proprietary information, with 30-day notice before disclosure of disputed information.

• Civil penalties up to $10,000 per day of violation apply for failing to submit timely reports, failing to provide required information, or providing inaccurate information; collected penalties fund the health care access fund; annual legislative reports required beginning January 15, 2022.