Minnesota Gov. Tim Walz (D) in May signed legislation that requires all 340B Drug Pricing Program covered entities to report their total 340B drug acquisition costs and payments.
The enactment of SF 2995 makes Minnesota the first state to require reporting from all 340B covered entities. The law requires reporting of aggregate acquisition costs of 340B drugs, aggregate payments received for 340B drugs, and aggregate payments made to contract pharmacies for drug dispensing. Covered entities are required to break down this information by payer type, including commercial insurance, Medicaid, and Medicare.
Additionally, the law requires 340B hospitals to report these data points at the national drug code level for the 50 most frequently dispensed drugs. Other covered entity types are not bound by this requirement.
Covered entities must submit the first annual 340B transparency report to the state’s commissioner of health by April 1, 2024. Each annual report will be due in April of the following year.
Contact Senior Director of Policy Erin O’Malley at firstname.lastname@example.org or 202.585.0127 with questions.