Senate Republicans today continued to deliver on their promise to make prescription drug costs more transparent and more affordable. By an overwhelming bipartisan vote of 63-2, the Senate approved Senate File 1098, the Prescription Drug Transparency Act, authored by Sen. Julie Rosen (R-Vernon Center).

“Health care costs are still the number one issue on people’s minds,” said Sen. Rosen. “Even in the midst of this COVID pandemic, there is rarely a day that I don’t get a call or email from someone worried about how they will afford their medicine. It is unconscionable that someone’s prescription can double in one-months’ time without any explanation. Consumers deserve transparency and accountability from the pharmaceutical industry. This is a reasonable bill that empowers the consumer and simply asks pharmaceutical companies to justify the prices they charge. Getting prescription drug costs under control will make a big dent in families’ overall cost of health care.”

Under the legislation, drug manufacturers must submit information about drugs that have seen price increases of 10% or more over the last 12 months or 16% or more during the previous 24 months for name brand drugs, or generic drugs that have had price increases of 50% or more during the previous 12 months. Documentation must include the following:

• Name of the drug and the net price increase
• A list of factors leading to the price increase
• Names of any generic versions of the drug that are available
• The introductory price approved by the F.D.A. and year-over-year increases
• Costs incurred by the manufacturer associated with the prescription drug, including manufacturing, marketing, and distribution
• Net profit and sales revenue on the drug for the previous 12 months
• Total amount of financial assistance the manufacturer has offered through patient assistance programs
• Any agreements between the manufacturer and another entity about delaying the production of generic alternatives