An Act to promote transparency and prevent price gouging of pharmaceutical drug prices
By Mr. Montigny, a petition (accompanied by bill, Senate, No. 895) of Mark C. Montigny for legislation to promote transparency and prevent price gouging of pharmaceutical drug prices. Health Care Financing.
This legislation seeks to build upon Chapter 342 of the Acts of 2024, An Act relative to pharmaceutical access, costs and transparency by implementing the following measures: (1) Requires early notice to the Health Policy Commission (HPC) for any pipeline drug, generic drug, or biosimilar drug; (2) Early notice is also required for a planned increase to the wholesale acquisition cost of a brand-name drug by more than 15% in a year or a generic or biosimilar drug with a significant price increase in a year; (3) Manufacturers that fail to comply with early notice requirements may be fined up to $1,000,000 in each instance; (4) HPC shall review the impact of eligible, high cost drugs on patient access and may request information relating to the pricing of said drug(s) from the manufacturer in order to identify a proposed value for the eligible drug(s). The HPC may require a manufacturer to enter into an access and affordability improvement plan if the manufacturer’s price substantially exceeds the HPC’s proposed value of the drug; (5) Manufacturers that fail to comply with the information requests above may be fined up to $1,000,000 in each instance; and (6) HPC shall identify and publish a list of public health essential drugs.
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