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.
Study Documents HCPs’ Experiences of a Mandatory Switch to Inform Future Transitions
December 2nd 2023A survey explores the experiences of health care providers (HCP) throughout the transition process following a mandatory switch from the adalimumab originator (Humira) to a biosimilar in New Zealand in 2022.
Biosimilar Business Roundup for October 2023—Podcast Edition
November 5th 2023On this episode, we discuss the biggest news to come out of October 2023, including 3 regulatory approvals, 2 complete response letters, and new data and industry insights that have the potential to impact the entire US biosimilar industry.
CVS Caremark Switches Up Biosimilar Coverage in 2024
November 27th 2023As new biosimilars are added to CVS Caremark’s standard formulary, others are removed. One notable change is with the Humira biosimilars: the pharmacy benefit manager has removed Amjevita in favor of Hyrimoz and an unbranded biosimilar.
Biosimilars Business Roundup For August 2023—Podcast Edition
September 5th 2023On this episode, we’re giving an overview of some of the biggest stories in the business space regarding biosimilars, like the approval of the first neurology biosimilar, growth projections from company quarterly expense reports, and some analyses about the health of the market.
Eye on Pharma: Adalimumab Updates; New Eylea Biosimilar Lawsuit; Canada Gains Stelara Biosimilar
November 22nd 2023Several companies make moves to further their adalimumab biosimilars, Regeneron sues Celltrion over biosimilar for Eylea (aflibercept), and Health Canada grants marketing authorization for biosimilar referencing Stelara (ustekinumab).