Legislation Will Boost Transparency to Hold Big Pharma Accountable for Egregious Pricing Practices
Washington, D.C. – The Campaign for Sustainable Rx Pricing (CSRxP) issued a statement today applauding the reintroduction of The Fair Accountability and Innovative Research (FAIR) Drug Pricing Act in the U.S. Senate.
“Greater list price transparency will help crack down on Big Pharma’s price-gouging by shining a light on the industry’s egregious pricing practices,” said CSRxP executive director Lauren Aronson. “The FAIR Drug Pricing Act will add an important layer of transparency and accountability to the drug pricing market by requiring manufacturers to disclose and justify substantial price hikes.”
“We applaud Senators Tammy Baldwin (D-WI) and Mike Braun (R-IN) for reintroducing this important market-based solution which garnered substantial bipartisan support in the last Congress,” Aronson continued. “The FAIR Drug Pricing Act will show policymakers and consumers where prices are most out-of-control and help deliver American patients the open and honest drug prices they deserve.”
The FAIR Drug Pricing Act would require pharmaceutical manufacturers to submit documentation justifying list price increases in excess of 10 percent in a 12-month period and 25 percent over a three-year period for drugs priced at over $100. The bill was previously advanced, with bipartisan support, out of the Senate Health, Education, Labor and Pensions (HELP) Committee in June 2019.
Learn more about market-based solutions to hold Big Pharma accountable and lower prescription drug prices HERE.