SF1098 - Prescription Drug Price Transparency Act

• Requires drug manufacturers to submit price information to the Minnesota Commissioner of Health beginning October 1, 2021, within 60 days of price increases or new drug launches.

• Mandates reporting for brand name drugs with price increases of 10% or more 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 for a 30-day supply.

• Requires manufacturers to disclose detailed information including direct costs (manufacturing, marketing, distribution), sales revenue, net profit, patient assistance program spending, patent expiration dates, and international pricing for brand name drugs.

• Directs the Commissioner to post reported information on the Department of Health website in an easy-to-read format while protecting trade secrets and confidential business information, with manufacturers having 30 days to challenge public disclosure.

• Establishes civil penalties up to $10,000 per day for failures to submit timely reports, provide required information, or provide inaccurate information, and requires annual legislative reports on implementation effectiveness beginning January 15, 2022.