An Act to promote transparency in prescription drug prices
By Mr. Kennedy, a petition (accompanied by bill, Senate, No. 875) of Edward J. Kennedy for legislation to promote transparency in prescription drug prices by conducting an affordability review of prescription drugs. Health Care Financing.
The bill aims to require greater transparency of the prices charged for prescription drugs by pharmaceutical manufacturers and establishes the Prescription Drug Affordability Board (PDAB) to oversee affordability reviews and cost-containment strategies. The legislation mandates detailed reporting on drug cost increases and price transparency, empowering the PDAB and other state agencies to identify affordability challenges posed by high-cost drugs. Pharmaceutical companies are required to provide early notification of significant price increases to HPC. The bill also requires manufacturers and pharmacy benefit managers (PBMs) to report comprehensive data on pricing, rebates, and utilization trends to the Center for Health Information and Analysis (CHIA). These measures enable the state to identify and mitigate affordability challenges, set upper payment limits, and ensure that any savings directly reduce consumer costs. By prioritizing transparency, accountability, and equity, the bill seeks to address rising prescription drug costs and improve access for underserved communities.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.