Rep. Schrader Votes for Increased Transparency in Prescription Drug Pricing
October 28, 2019
Contact: Larkin Parker, 202-225-5711
WASHINGTON, D.C. –Congressman Kurt Schrader (OR-05) voted today for the bipartisan, Public Disclosure of Drug Discounts Act after working to improve the bill through the Energy & Commerce Committee process. This bill would be a commonsense step to lower the cost of prescription drugs by requiring greater transparency from pharmacy benefit managers (PBMs) the middlemen who negotiate prices for three-fourths of the medications prescribed in the United States.
“PBMs play a critical role in our healthcare system, however we must understand the actual cost of a drug before we can ensure that consumers are getting a fair shake”, said Congressman Schrader. This bill is an important step forward in bringing greater transparency to a broken system and making information about rebates and discounts public. By shedding light on the interactions between PBMs and drug companies, we can start to address the root causes of our prescription drug affordability crisis.”
The Public Disclosure of Drug Discounts Act would require the secretary of Health and Human Services to make public the rebates, discounts and price concessions that PBMs negotiate with drug manufacturers. Additionally, Medicare prescription drug plan sponsors would implement an electronic, real time tool that can be linked with beneficiaries’ subscribers so that individuals can have better information about their drug plan when their medications are prescribed.
Tags: Health Care