Requires the office of financial management to use a competitive procurement process to select a data organization to collect, verify, and summarize the prescription drug pricing data provided by issuers and manufacturers.

Requires an issuer to submit certain prescription drug cost and utilization data to the data organization for the previous calendar year.

Requires a covered manufacturer to report certain data for each covered drug to the data organization.

Requires the data organization to compile the data submitted by issuers and manufacturers and submit the data to the office of financial management in one report.

Authorizes the office of financial management to: (1) Assess a fine of up to one thousand dollars per day for failure to comply with the requirements of this act; and

(2) Deposit the collected fines in the medicaid fraud penalty account.