Health: pharmaceuticals; reports on certain costs and other information associated with prescription drugs; require manufacturers of prescription drugs to file with the department. Creates new act.

This Michigan bill, known as the Drug Manufacturer Data Reporting Act, requires pharmaceutical companies to submit specific cost and development data to the Department of Insurance and Financial Services. Manufacturers must report within 30 days if they increase the price of a high-cost drug by 15% in a year or 40% over three years, providing details on research expenses, patent status, and drug types. Additionally, companies must notify the department within three days when launching a new specialty-priced drug, including information on FDA designations and acquisition costs if applicable. The department will compile this data into an annual report for legislative committees and the public while keeping individual company information confidential. Failure to comply with these reporting requirements could result in civil fines of up to $100,000 per month.