Minnesota’s New Prescription Drug Price Transparency Reporting: What You Need to Know
| by: Sumeet Singh, Founder & Chairman | Article Posted: November 6, 2023 |
In recent years, the transparency surrounding prescription drug pricing has become a focal point for many regulatory bodies across the US. Ensuring that the public and stakeholders are aware of the dynamics behind drug pricing is of paramount importance. With the Minnesota Legislature’s 2023 session, a host of changes have been introduced that stand to reshape the prescription drug price transparency reporting landscape in the state.
As outlined in the Minnesota 2023 Session Law Chapter 70, Article 2, Sections 8-21, 43, the state is witnessing two primary shifts:
- Technical Adjustments to Current Reporting: As of July 1, 2023, there have been certain technical modifications to the existing drug price reporting mechanisms. This was an initiative by the Minnesota Department of Health (MDH) to ensure that the ongoing reports are efficient and free from technical glitches. The details of these technical adjustments were elucidated in the Updated Reporting Guidance released earlier this summer.
- Broadened Reporting on Drugs of Public Significance: Beginning from 2024, there is going to be an enlargement in the reporting scope, particularly concerning drugs that hold significant public interest. This is a pivotal move, especially in an era where specific drugs have vast implications for public health.
To facilitate this expanded reporting, MDH is in the process of launching an online reporting portal. This portal will streamline the reporting procedure and ensure uniformity. For those in the pharmaceutical world, here’s what this entails:
- For Drug Manufacturers: If you are a registered manufacturer, the good news is, you won’t have to go through the registration process again. The online portal will accommodate both the current and future reports under a singular account. For manufacturers not yet registered, it’s essential to get onboarded soon.
- For Wholesalers, Pharmacy Benefit Managers (PBMs), and Pharmacies: Registration is mandatory. All pertinent organizations need to sign up and then proceed with their reporting via the online portal. MDH will provide timely notifications to signal when the registration window is open for these entities.
What’s on the horizon?
MDH is not just stopping at these changes. They are also devising comprehensive guidance for this expanded reporting, which will be open for public comments by the end of 2023. The finalized guidelines are slated for release in early 2024. Additionally, by January 31, 2024, MDH is expected to unveil the inaugural list of drugs that fall under the category of significant public interest.
Key Dates for Reporting Entities:
- Late Fall 2023: Draft reporting guidance by MDH for public feedback.
- Late 2023: Opening of the online reporting portal.
- January 1, 2024: Enforcement of registration requirements.
- By January 31, 2024: Release of the list of drugs of notable public interest.
- 30+ days post drug list announcement: Communication of reporting obligations by MDH.
- Early 2024: Release of the final reporting guidelines.
- 60 days post notification: Deadline for report submissions to MDH.
These updates signal a more transparent and efficient system for prescription drug price reporting in Minnesota. Stakeholders should be proactive in adhering to these changes to ensure compliance and transparency.
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