Bipartisan Bill a Step Toward Controlling Prescription Drug Price Increases

Few could be happy with the condition of the political system in America’s capital at the moment. Scandals and counter-scandals, finger-pointing, navel-gazing, and partial truths abound. It would be easy to think that none of the People’s work was actually getting done. I had a little bit of faith restored when I read of a new, bipartisan bill that was introduced to curb runaway prescription drug prices. Law Would Bring Transparency to Drug Price Hikes According to reports, Senator Tammy Baldwin (D-WI, above right), Senator John McCain (R-AZ, above center), and U.S. Representative Jan Schakowsky (D-IL, above left) are set to introduce legislation that will require drug companies to notify the U.S. Department of Health and Human Services (HHS) and submit justification 30 days before they increase the price of certain drugs (that cost at least $100) by more than 10 percent in one year, or 25 percent over three years. The legislation, called the FAIR Drug Pricing Act, is a modification of legislation put forward last year. The old version didn’t have the requirement about 25 percent over three years. You see, a drug maker could raise their prices by 9.9 percent every year under the older version and not be required to report why. (Earlier this month, Eli Lilly did just that by boosting the list price of its Effient [prasugrel] blood thinner by 9.9 percent). If the total increase over three years was more than 25 percent (as it would be with such increases annually), a re...
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