Bipartisan Drug Pricing Legislation
Sens. Tammy Baldwin (D-WI) and John McCain (R-AZ) and Rep. Jan Schakowsky (R-IL) have introduced the FAIR Drug Pricing Act as “the first step in addressing skyrocketing prescription drug prices by requiring transparency for pharmaceutical corporations that plan to increase drug prices.” A statement issued by Sen. Baldwin (includes links to bill text and fact sheet) says their measure would require drug manufacturers to notify HHS and submit a transparency and justification report 30 days before they increase the price of certain drug products by more than 10%.
“The report will require manufacturers to provide a justification for each price increase, manufacturing, research and development costs for the qualifying drug, marketing and advertising spending on the qualifying drug, and other information as deemed appropriate,” Baldwin says. “The bill will not prohibit manufacturers from increasing prices, but it will, for the first time, give taxpayers notice of price increases and bring basic transparency to the market for prescription drugs.”
The statement says the bill is supported by AARP, Campaign for Sustainable Rx Pricing, Medicare Rights Center, Consumers Union, Doctor for America: Drug Price, Value, and Affordability Campaign, Families USA, Center for Medicare Advocacy, and Public Citizen.