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Oregon House OKs prescriptions price transparency bill | KTVZ

The legislation requires prescription drug manufacturers to report information regarding qualifying prescription drugs, including production, marketing, and research costs, to the Department of Consumer and Business Services. Companies could face civil penalties for failing to comply with the reporting.

“The prescription drug market is a dysfunctional, with manufacturers operating with big payers held hostage to profiteering,” said Rep. Andrea Salinas (D-Lake Oswego). “House Bill 4005 won’t send prescription drug prices plummeting, but it will help us unveil the truth behind the cost drivers when drug manufacturers set the initial price.”

According to research published in the Journal of the American Medical Association, from 2013 to 2015, national spending on prescription drugs increased by approximately 20 percent and accounted for an estimated 17 percent of health care spending.

“I believe we owe it to every Oregonian to make progress on this issue and this legislation will shine the light on how drug prices are truly set, providing answers to patients struggling to pay for their medications,” said. Rep. Teresa Alonso Leon (D-Woodburn), a sponsor of the bill. “I think this is an important step forward for every Oregonian.”

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Oregon House OKs prescriptions price transparency bill – KTVZ.