Relating to price transparency for prescription drugs sold in this state, and including applicability provisions

Within calendar days of receipt, the commissioner is required to publish this information from the annual reports on a publicly accessible internet site. If a prescription drug sold to a person in this state has a cost of $100 or more for a 30-day supply and the cost increases percent or more over three consecutive calendar years, or increases percent or more in a single calendar year, the manufacturer of the prescription drug must file a report with the commissioner within calendar days of the date on which the or percent increase in cost occurs. This requirement is applicable to all manufacturers that manufactured prescription drugs that are sold to a person in this state on or after January 1, 2021. The report must include the information detailed in the bill. Certain information provided by a manufacturer, as detailed in the bill, is considered a confidential record and is required to be protected as a trade secret. Within calendar days of receipt, the commissioner is required to publish the nonconfidential information on the same publicly accessible internet site on which the manufacturer’s annual report information is published. The bill requires each health carrier to submit an annual report by February to the commissioner that contains information as detailed in the bill across all of the health carrier’s health benefit plans. This requirement is applicable to all health benefit plans providing for third-party payment or prepayment of health or medical expenses that provide a prescription drug benefit that have been delivered, issued for delivery, continued, or renewed in this state on or after January 1, 2021. “Health carrier” is defined in the bill as an entity subject to the insurance laws and regulations of this state, or subject to the jurisdiction of the commissioner, including an insurance company offering sickness and accident plans, a health maintenance organization, a nonprofit health service corporation, a plan established pursuant to Code chapter 509A for public employees, or any other entity providing a plan of health insurance, health care benefits, or health care services. Certain information provided by a health carrier, as detailed in the bill, is considered a confidential record and must be protected as a trade secret. Prior to May of each year, the commissioner must publish the nonconfidential data received by the commissioner on the same publicly accessible internet site on which the manufacturers’ information is published. The data must be aggregated from the annual reports submitted by all health carriers. The bill directs the commissioner to adopt rules as necessary to administer the requirements outlined in the bill and allows the commissioner to take any action within the commissioner’s authority to enforce compliance with the requirements outlined in the bill.