House Bill 4005 requires drug manufacturers to compile a report on a prescription drug if the price was $100 or more for a 1-month supply (or course of treatment lasting less than 1 month) and if the net price increased by 10% or more.
Earlier this week, Oregon Governor Kate Brown, D, signed a bill that looks to provide more transparency around drug pricing.
House Bill 4005 requires drug manufacturers to compile a report on a prescription drug if the price was $100 or more for a 1-month supply (or course of treatment lasting less than 1 month) and if the net price increased by 10% or more.
For drugs that fit into these criteria, manufacturers would need to provide information to explain the factors that contributed to the price increase, such as:
Under the law, pharmaceutical companies must provide these reports by July 2019.
In addition, the bill creates a drug pricing task force and mandates that Oregon’s Department of Consumer and Business Services post a list of high drug price increases. Furthermore, the bill also requires that insurers show how these drug prices affect premiums.
“Every Oregonian should be able to access the medications and treatments that allow them to live healthy, productive lives. This bill brings greater transparency around drug pricing, an important step towards making life-saving and essential drugs more affordable,” said Governor Brown in a statement.
As soon as the bill was signed, the pharmaceutical industry responded.
“[The law] will have a chilling effect on an innovative industry and do nothing to empower patients or lower their prescription drug costs,” said Biotechnology Innovation Organization’s CEO, Jim Greenwood, in a statement.
According to the National Academy for State Health Policy, state legislatures are currently considering 78 bills to regulate pharmacy benefit managers (PBMs), 48 that focus on drug pricing transparency, 11 that address so-called "price-gouging" and more on a variety of other topics, including the importation of drugs.
The proposed bills have received pushback from the industry, with pharmaceutical companies sending lobbyists to state governments around the country, according to Kaiser Health News.
Other states, including Louisiana, Nevada, Maryland, North Carolina, and Vermont have also passed measures that aim to increase transparency in drug pricing.
Julie Reed: Why 2024 Is Important for Biosimilars
April 17th 2024Julie Reed, executive director of the Biosimilars Forum, showcases how the biosimilar industry is expected to develop throughout 2024, including major policy changes and hope for continued improvement in market share for adalimumab biosimilars.
Exploring the Biosimilar Horizon: Julie Reed's Predictions for 2024
February 18th 2024On this episode of Not So Different, Julie Reed, executive director of the Biosimilars Forum, returns to discuss her predictions for the biosimilar industry for 2024 and beyond as well as the impact that the Forum's 4 new members will have on the organization's mission.
BioRationality: Removing the Misconceptions Surrounding Interchangeability
April 15th 2024Sarfaraz K. Niazi, PhD, outlines the current state of interchangeable biosimilars in the US and policy changes needed to clear up misconceptions surrounding the meaning behind interchangeability designations.
A New Chapter: How 2023 Will Shape the US Biosimilar Space for 2024 and Beyond
December 31st 2023On this episode of Not So Different, Cencora's Brian Biehn and Corey Ford take a look back at major policy and regulatory advancements in 2023 and how these changes will alter the space going forward.
Biosimilars Council: PBM Rebate Schemes Cost Americans, Payers $6 Billion
April 10th 2024A report from the Biosimilars Council evaluating IQVIA data found that rebate schemes orchestrated by pharmacy benefit managers (PBMs) are costing US patients and payers billions of dollars by suppressing biosimilar adoption.
Rising Biosimilar Adoption for an Italian Payer Will Benefit National Health Care System, Patients
April 9th 2024Data from 2021 and 2022 indicates increasing biosimilar use in an Italian health care company, with potential for full adoption in the future, benefiting both the National Health System and citizens through efficient and sustainable health care policies.