Prescription drug pricing bill heads to Gov. Brown’s desk
On Friday, the Senate passed a bill to create a statewide prescription drug pricing transparency program by a 25-4 vote.
The bill would require prescription drug manufacturers to report information like production, marketing, and research costs of certain drugs to the Department of Business and Commerce (DCBS). They would also be required to report on planned increases in drug prices. In order to qualify for reporting, a drug would need to have a base cost of at least $100 and have its price increase by ten percent or more in a one-year time span.
The bill would also grant the DCBS the authority to impose civil penalties on any manufacturers that do not submit timely reports, fail to provide necessary information, or provide inaccurate pricing data.
“The most common concern I hear from my constituents is the high cost of prescription drugs,” said Sen. Lee Beyer, D-Springfield. “Many Oregonians face significant financial burdens due to the high price of the medications they need. I believe that this bill is a first step to address prescription drug affordability. If we are unable to take action at this time to reduce prices, we should at the very least act to provide transparency so that we can better understand the factors that contribute to dramatic cost increases.”
The bill previously passed in the House by a vote of 46-14 and now heads to the governor’s desk for her signature.