Enacts the manufacturer disclosure and transparency act
What changed between versions
Added a new requirement for pharmaceutical manufacturers to notify the attorney general of 'patent settlement agreements' that affect the launch date of drugs or biological products.
Introduced seven new definitions to clarify terms like 'patent settlement agreement,' 'biosimilar,' 'interchangeable product,' and 'drug' to ensure consistent application of the law.
Changed the notification requirement to specifically demand the full text of patent settlement agreements, including attachments and exhibits, rather than just general notice details.
Removed the previous requirement to share notice information with the drug utilization review board, Medicaid managed care plans, health carriers, and pharmacy benefits managers.
Adjusted the timeline for the attorney general to post notices on their website from thirty days to sixty days after receiving the manufacturer's notice.
Revised the penalty structure to a flat fine of ten thousand dollars per day for non-compliance, removing the tiered penalty system based on whether it was the first or subsequent violation.
Added a severability clause to ensure that if any part of the new law is found unconstitutional, the rest of the bill remains in effect.
