MN HF4504

Amends Minnesota Statutes section 62J.84 to modify the Prescription Drug Price Transparency Act, effective January 1, 2022.

Requires drug manufacturers to report price increases to the commissioner of health within 60 days: brand name drugs with 10% increase over 12 months or 16% over 24 months; generic or biosimilar drugs with 50% increase over 12 months (for drugs priced $100 or more for 30-day supply).

Mandates reporting of new brand name drugs and generic or biosimilar drugs exceeding Centers for Medicare and Medicaid Services specialty drug tier thresholds within 60 days of introduction, including pricing, direct costs, patent information, and FDA review status.

Requires newly acquired drug manufacturers to report within 60 days when acquiring drugs meeting specified price thresholds and increase percentages, including acquisition details and historical pricing data.

Establishes civil penalties up to $10,000 per day of violation for failing to submit timely reports, provide required information, or submitting inaccurate information; requires commissioner to publish reported information publicly on department website unless protected as trade secrets.