Lawmakers introduce bills to make drug industry more transparent about price

Congress is responding to consumers’ calls for more transparency in prescription drug pricing.

U.S. Sens. Tammy Baldwin, D-Wis.,  and John McCain, R-Ariz., along with Rep. Jan Schakowsky, D-Ill., have introduced legislation that would require drug makers to disclose information about planned price increases. The reports would also include research and development costs, according to the Regulatory Affairs Professionals Society.

Skyrocketing prescription drug prices have been under a microscope, especially in light of the drastic cost increases for EpiPen auto-injectors.

The Fair Drug Pricing Act would require drug manufacturers to notify the U.S. Department of Health and Human Services and submit a justification report 30 days before they increase prices on prescription drugs by more than 10 percent.

The information would then be made public online.

“Drug corporations are sticking it to American taxpayers with soaring prescription drug prices,” Baldwin said. “This bipartisan reform will require transparency and accountability for drug corporations who are jacking up costs for families in need of affordable lifesaving treatments.”

The bill is designed to combat drug price increases but would not prohibit them altogether.

Are you affected by skyrocketing prescription drug prices? Please share your story and any tips you may have with Voices for Affordable Health. https://voicesforaffordablehealth.com/share-your-voice/.