Pharmaceutical Entity Transparency Act: amends provisions related to the information an insurer and health benefit plan must provide to an enrollee or prospective enrollee, including information regarding formulary changes; requires a pharmacy benefit manager to be licensed by the Insurance Department to conduct business in the state; requires reports by certain entities to the Insurance Department regarding the impact of costs of prescription drugs, including information on the costliest drugs and drugs with high increases in spending; requires a pharmacy benefit manager to report certain information to a health insurer or plan sponsor regarding drug utilization payments; requires pharmaceutical manufacturers to report certain information related to prescription drug price increases and introduction; amends provisions related to a pharmacist substituting a prescription drug, etc.