KTVA: Murkowski co-sponsors bill to clarify prescription drug price increases

Sen. Lisa Murkowski and three of her colleagues have introduced a bill which would require prescription-drug makers to be more transparent when increasing the prices of their products.

Murkowski said in a statement that Sens. Mike Braun, R-Indiana, Tammy Baldwin, D-Wisconsin and Tina Smith, D-Minnesota, have joined her in co-sponsoring the Fair Accountability and Innovative Research Drug Pricing Act.

The senators’ measure would require drugmakers to notify the U.S. Department of Health and Human Services, submitting a “transparency and justification" report at least 30 days before increasing the price of drugs that cost at least $100. The reports would be required for increases of more than 10% in one year, or 25% over three years.

In addition, Murkowski's statement said drugmakers would have to provide “a justification for each price increase, manufacturing, research and development costs for the qualifying drug, net profits attributable to the qualifying drug, marketing and advertising spending on the qualifying drug, and other information as deemed appropriate.”

“The cost of pharmaceuticals in the U.S. are some of the highest in the world, and as the costs of prescriptions continue to rise, there is still little to no transparency from pharmaceutical corporations,” Murkowski said in the statement. “We need to change that. I want to ensure Americans have access to affordable prescription medications.”

A companion measure to the Senate bill was introduced in the House by Reps. Jan Schakowsky, D-Illinois and Francis Rooney, R-Florida.

Source: KTVA