Prescription Drug Pricing.

HB 624 requires drug manufacturers to notify state agencies, insurers, and pharmacy benefit managers 60 days before raising prices on prescription drugs by 10% or more in a year. Manufacturers must disclose the justification for price hikes, previous marketing budgets, and historical pricing data within 30 days of notification. The bill also mandates rapid disclosure of pricing for new FDA-approved drugs and requires manufacturers to inform prescribers if a drug contains ingredients known to cause dependency. The state will create a public online portal for transparency, including annual reports on the most prescribed, costliest, and fastest-increasing drugs, but does not set price limits.