HB 1116

Bill Subjects

Abstract

Requires prescription drug manufacturers, health insurance issuers, pharmacy benefits managers, and wholesale drug distributors (reporting entities) to report certain information to the department of insurance (department), including increases in the wholesale acquisition cost of brand name drugs and generic drugs, the introduction into the United States of a new drug, and spending on prescription drugs before enrollee cost sharing for each of the top 25 prescription drugs and drug groups. Requires reporting entities to pay an annual assessment to support the operational costs incurred by the department in connection with the reporting. Requires a reporting entity to certify under the penalty of perjury that a required report is accurate. Authorizes the insurance commissioner to impose a civil penalty on a reporting entity that fails to comply with a reporting requirement. Requires the department to annually prepare and make available on its web site a report on emerging trends in prescription drug prices. Requires the department to keep confidential and protect from public disclosure all information submitted by reporting entities.