Prescription drugs for the treatment of diabetes; price transparency, civil penalty.

Price transparency for prescription drugs for the treatmentof diabetes; civil penalty. Requires a manufacturer of a prescription drugindicated for use in the treatment of diabetes to report certain information tothe Commissioner of Health regarding the cost of such prescription drugs and toreport additional information when the price of such a drug increases beyondthe increase in the medical care component of the Consumer Price Index for thepreceding year. The bill also requires pharmacy benefits managers to reportinformation to the Commissioner of Health regarding any rebates negotiated witha manufacturer for such drugs. The bill provides that such information reportedto the Commissioner of Health will be managed by the nonprofit organizationthat administers the Virginia All-Payer Claims Database. The bill provides thatthe Board of Health may assess a civil penalty of up to $1,000 per week perviolation, not to exceed a total of $50,000 per violation, against amanufacturer or pharmacy benefits manager that fails, within the Board'sdetermination, to make a good faith effort to meet a reporting deadline. Inaddition, the bill requires pharmacy benefits managers to register with theState Corporation Commission and authorizes the Commission to revoke theregistration of any pharmacy benefits manager that fails to comply withreporting requirements specified in the bill. The Board of Pharmacy isauthorized to revoke the permit or registration of any manufacturer that failsto comply with the specified reporting requirements.