Prescription drug price transparency law requires drug manufacturers to begin reporting March 15
Oregon’s new Prescription Drug Price Transparency law required prescription drug manufacturers to begin reporting on March 15. To file reports and pay assessments, prescription drug manufacturers should send their primary contact information (name, email, and phone number) to firstname.lastname@example.org to create an account on the Department of Consumer and Business Services reporting system.
Failure to file reports or comply with the requirements of the new law may result in civil penalties for pharmaceutical manufacturers.
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The Prescription Drug Transparency Act (House Bill 4005), enacted during the 2018 Legislative Session, established the Oregon Prescription Drug Price Transparency Program. This new law requires drug manufacturers to report specific information related to prescription drug prices to the Department of Consumer and Business Services. The department’s Division of Financial Regulation will review and release the information to the public.
Manufacturers must start reporting new drug prices on March 15, and annual price increase reports must be filed by July 1. The new law also requires prescription drug manufacturers to pay a $400 assessment to the division to implement the program. Manufacturers will be billed in October for the assessment.
A manufacturer that meets these three requirements must create an account and pay the annual $400 assessment:
- Required to be registered with the Oregon Board of Pharmacy as a prescription drug manufacturer
- Manufacture prescription drugs as defined in 2018 OR Laws Ch. 7
- Set or change the wholesale acquisition cost of prescription drugs
Reporting Requirements of manufacturers
New prescription drug reporting – beginning March 15, 2019
- The price of a new prescription drug for sale in the United States exceeds the threshold set by the Centers for Medicare and Medicaid Services in Medicare Part D ($670) for a 30-day supply or for a course of treatment lasting less than one month.
Annual price increase reporting – by July 1, 2019
- The price (wholesale acquisition cost) at any point in 2018 was $100 or more for a one-month supply or for a course of treatment lasting less than one month; AND
- There was a net yearly increase of 10 percent or more in the price of the prescription drug.
If your company meets the criteria of a reporting manufacturer, send the name, email address, and phone number of the company’s primary contact to email@example.com.
For more information on the Prescription Drug Price Transparency Program, visit dfr.oregon.gov/drugtransparency.
This press release was provided by the Oregon Department of Consumer and Business Services.