House Bill 4347 would create a new act, the Drug Manufacturer Data Reporting Act, which would require drug manufacturers to disclose certain information on costs and pricing to the Department of Insurance and Financial Services (DIFS) on an annual basis. A drug manufacturer would have to submit a report to the DIFS director within 30 days after increasing the wholesale acquisition cost of a qualified prescription drug by 15% or more in a given year or by 40% or more over a three-year period. A drug manufacturer would have to notify the DIFS director when introducing a new
prescription drug to the market at a wholesale acquisition cost exceeding the threshold set for a specialty drug under the Medicare Part D Program. The reports and information would be exempt from disclosure under the Freedom of Information Act (FOIA). DIFS could promulgate rules to implement the act.