Cortez Masto, Cornyn, Carper and Cassidy Introduce Prescription Cost Reporting Legislation to Reduce Drug Costs on American Taxpayers
Today
"One of the things I hear from Nevadans every day is the challenges they face affording their prescriptions," said Senator
"The sky rocketing price of prescription drugs and the lack of transparency in pricing has made life-saving medications unaffordable for many Texans,"
"Time and again, I hear from Delawareans who simply cannot afford the life-saving medications that they need," said
"To fix our health system, we need solutions that increase price transparency and leverage the power of patient choice to lower the cost of care," said
BACKGROUND:
One of the greatest challenges to understanding and counteracting rising out of pocket drug costs is the lack of transparency in how pharmacy benefit managers (PBMs) negotiate discounts from manufacturers on behalf of health plans. This lack of data creates problems for
The bill introduced by Senators
Current law requires entities including pharmacy benefit managers, insurance carriers, wholesalers and drug manufacturers engaged in contracts to offer Prescription Drug Plans under Medicare part D, Medicare Advantage plans under Medicare Part C, or coverage under Medicaid to disclose certain contractual information to the government to inform oversight, evaluation and enforcement. This bill makes that information available to MedPAC and MACPAC. These agencies would be able to use the information to monitor, analyze and make recommendations to
Full text of the bill is available here (https://www.cortezmasto.senate.gov/download/prescription-cost-reporting-legislation-191403).
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