Bipartisan Transparency Legislation Will Help Hold Big Pharma Accountable for Egregious Pricing Practices
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) released a statement today applauding the reintroduction of The Fair Accountability and Innovative Research (FAIR) Drug Pricing Act in the U.S. Senate.
“We applaud Senators Baldwin and Braun for reintroducing this market-based solution that will help hold Big Pharma accountable and expose egregious pricing practices,” said CSRxP executive director Lauren Aronson. “The FAIR Drug Pricing Act will shine a light on the worst price-gouging offenders, help arm patients and policymakers with insight into Big Pharma’s pricing decisions and alert the public to looming price hikes.”
The FAIR drug pricing Act would require drug makers to provide documentation to the U.S. Department of Health and Human Services (HHS) one month before increasing prices by more than 10 percent in a 12-month period or 25 percent over a three-year span. Additionally, the bill would force manufacturers of drugs with list prices over the median family income in 2021, $70,784, to submit a transparency and justification report.
Read more on market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.