HB 4408 establishes new transparency and reporting requirements for healthcare entities regarding ownership and control. It requires health care providers, health facilities, and pharmacy benefit managers to report detailed financial and organizational information to the Secretary of State, including ownership structures, affiliations, and financial transactions. The bill also mandates the public disclosure of certain data to improve oversight and prevent anti-competitive practices in the healthcare sector. It authorizes the Secretary of State to impose penalties for non-compliance and conduct audits to verify reporting accuracy​.