HB 1032 Summary

• Creates a new chapter in North Dakota Century Code establishing prescription drug cost transparency requirements for drug manufacturers, pharmacy benefits managers, and health insurers to report pricing and rebate information to the insurance commissioner.

• Requires drug manufacturers to submit quarterly wholesale acquisition cost reports and notify the commissioner within 30 days of price increases of 40% or greater over five years or 10% or greater annually for drugs costing $70+ per container.

• Mandates pharmacy benefits managers and health insurers to file annual reports with aggregated rebate, fee, and spending data, with information published on a commissioner-maintained website within 60 days of receipt.

• Modifies section 43-15.3-12 to allow the state board of pharmacy to deposit up to $600 from each wholesaler license fee into a new drug pricing fund to support implementation.

• Establishes civil penalties up to $10,000 per violation for health insurers, drug manufacturers, or pharmacy benefits managers that fail to comply with reporting requirements.