Washington, D.C. — U.S. Senators Susan Collins (R-ME), Rick Scott (R-FL), and Cory Gardner (R-CO) introduced the Prescription Drug Price Reporting Act, legislation that would provide much-needed transparency for prescription drug prices. The bill would create a consumer-friendly database of prescription drug prices, which will empower American families to make informed health care choices.
“The skyrocketing cost of prescriptions places a tremendous strain on family budgets, particularly for older Americans, 90 percent of whom take at least one medication every day,” said Senator Collins. “As the Chairman of the Senate Aging Committee, I have held multiple hearings investigating this issue and have authored legislation to reduce drug costs. By increasing the transparency of manufacturers’ pricing, this bill will help bring greater accountability to a drug pricing system that is badly broken.”
“There’s no reason patients shouldn’t know exactly what their prescription drugs cost before they get to the pharmacy,” Senator Rick Scott said. “I’m introducing the Prescription Drug Price Reporting Act to give patients the information they need to make informed decisions for themselves and their families. Even in the hyper-partisan, dysfunctional world of Washington, D.C., creating more transparency in the healthcare system is something we must get done now to help families across our nation.”
“I hear frequently from families across Colorado, who are suffering from the rising cost of prescription drugs,” Senator Cory Gardner said. “Creating transparency in prescription drug pricing will help ensure that Americans everywhere can have affordable access to the treatments they need and this legislation is an important step in the right direction.”
The Prescription Drug Price Reporting Act will create transparency in pharmaceutical prices by:
- Creating a central federal database website. The database will include pharmaceutical list prices, average net price, and aggregate manufacturer rebates;
- Requiring drug companies to explain any price increases. Each manufacturer of a prescription drug will be required to report financial and non-financial factors for the price change.