PROHIBITION ON PRICE GOUGING FOR ESSENTIAL DRUGS ACT. Prohibits manufacturers and wholesale distributors of essential generic drugs from engaging in price gouging. This bill requires the division of Medicaid and Department of Human Services to notify the Attorney General of excessive price increases for essential generic drugs and authorizes the Attorney General to request certain information from drug manufacturers and institute proceedings for violations of this act. This bill defines “excessive price increases” as a price increase, which by itself or in combination with another price increase or increases, would (a) result in an increase of fifty percent or more in the wholesale acquisition cost of the drug within the preceding one-year period or (b) result in an increase of fifty percent or more in the price paid by a medical assistance program for the drug within the preceding one-year period.