Current as of January 01, 2019 | Updated by FindLaw Staff
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(1) Any manufacturer that intends to withdraw from sale or distribution within the state a prescription drug for which the board has established an upper payment limit pursuant to section 10-16-1407 shall provide a notice of withdrawal in writing at least one hundred eighty days before the withdrawal to:
(a) The commissioner;
(b) The attorney general; and
(c) Each entity in the state with which the manufacturer has contracted for the sale or distribution of the prescription drug.
(2) The board shall promulgate rules to notify consumers of the intent of any manufacturer to withdraw a prescription drug from sale or distribution within the state, as described in subsection (1) of this section.
(3) After providing notice and a hearing as described in section 24-4-105, the commissioner may require a manufacturer to pay a penalty not to exceed five hundred thousand dollars if the commissioner determines that the manufacturer failed to provide the notice required by subsection (1) of this section before withdrawing from sale or distribution within the state a prescription drug for which the board has established an upper payment limit pursuant to section 10-16-1407.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-16-1412. Notice of withdrawal of prescription drugs with upper payment limits required--rules--penalty - last updated January 01, 2019 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-16-1412.html
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