SF4861 Summary

• Requires 340B covered entities (entities participating in the federal 340B drug pricing program) to register with the commissioner starting April 1, 2024, including entity name, 340B ID, service address, and entity type.

• Mandates annual reporting by April 1 of aggregated acquisition costs, payment amounts received, number of pricing units dispensed or administered, and payments to contract pharmacies and other program-related expenses, broken down by payer type (commercial insurance, medical assistance, MinnesotaCare, Medicare).

• Requires hospitals to report the same information at the national drug code level for the 50 most frequently dispensed or administered drugs under the 340B program.

• Imposes fines of up to $500 per day for entities failing to submit required data, subject to contested case and judicial review procedures; commissioner may grant extensions or exemptions for good cause.

• Requires the commissioner to submit aggregated reports to legislative committees with health care jurisdiction by November 15 each year, protecting individual entity data while including each entity's calculated net revenue and registration information.