TO CREATE THE 340B PROGRAM TRANSPARENCY ACT; AND TO AMEND THE LAW CONCERNING TRANSPARENCY AND ACCOUNTABILITY FOR CERTAIN 340B-COVERED ENTITIES.

SB 589, the "340B Program Transparency Act," requires certain Arkansas hospitals and healthcare providers participating in the federal 340B drug discount program to report annually on how they utilize their program savings. These "covered entities" must submit a detailed report to the Department of Health each year. The report outlines the total 340B savings realized and provides an itemized account of how those savings were allocated. This includes funds directed towards uncompensated care, patient financial assistance, expanding healthcare access in medically underserved areas, and administrative operations, aiming to ensure accountability and transparency.