Governor signs drug price transparency bill | PortlandTribune

Gov. Kate Brown has signed into law a bill that requires pharmaceutical manufacturers to publicly disclose reasons for steep increases in drug prices.

Several other states, including California, have taken similar measures as the prices of drugs have skyrocketed without an apparent reason.

House Bill 4005 won bipartisan sponsorship and overwhelming support in both the House and Senate.

“Every Oregonian should be able to access the medications and treatments that allow them to live healthy, productive lives,” Brown said in a statement Tuesday. “This bill brings greater transparency around drug pricing, an important step towards making life-saving and essential drugs more available and affordable.”

When the price of a prescription drug increases greater than 10 percent, the bill requires the manufacturer to report the reasons to the Oregon Department of Consumer and Business Services, including information related to the cost of production, advertising, marketing and research. The manufacturer also must disclose their profits from the drug and whether generic alternatives are available. Manufacturers face civil penalties of up to $10,000 per day for noncompliance.

The deadline for the first report is July 1, 2019.

Read complete article here:

Pamplin Media Group – Governor signs drug price transparency bill.