Post by Logan on Jun 3, 2016 18:56:21 GMT -6
Vermont to become first state to require drug price transparency
Gov. Peter Shumlin signed the prescription drug transparency bill that will make Vermont the first state to require pharmaceutical companies to justify why their drug prices go up.
“This bill is about accountability,” Shumlin said in a statement. “The reality is that we have pharmaceutical companies raising prices on lifesaving drugs five thousand percent. When asked about those outrageous increases, CEOs are literally laughing in front of Congress. That needs to change.”
The news release referenced Martin Shkreli, the embattled pharmaceutical executive who served as chief executive officer of Turning Pharmaceuticals when the price of a drug that treats malaria rose from $13.50 per pill to $750 per pill.
Vermont’s new law, which started as S.216, will require pharmaceutical manufacturers to justify why the “total wholesale cost” of specific prescription drugs go up in a given year. The data on the cost of the drug would come from the state’s Medicaid program.
Read more: vtdigger.org/2016/06/03/vermont-to-become-first-state-to-require-drug-price-transparency/
Gov. Peter Shumlin signed the prescription drug transparency bill that will make Vermont the first state to require pharmaceutical companies to justify why their drug prices go up.
“This bill is about accountability,” Shumlin said in a statement. “The reality is that we have pharmaceutical companies raising prices on lifesaving drugs five thousand percent. When asked about those outrageous increases, CEOs are literally laughing in front of Congress. That needs to change.”
The news release referenced Martin Shkreli, the embattled pharmaceutical executive who served as chief executive officer of Turning Pharmaceuticals when the price of a drug that treats malaria rose from $13.50 per pill to $750 per pill.
Vermont’s new law, which started as S.216, will require pharmaceutical manufacturers to justify why the “total wholesale cost” of specific prescription drugs go up in a given year. The data on the cost of the drug would come from the state’s Medicaid program.
Read more: vtdigger.org/2016/06/03/vermont-to-become-first-state-to-require-drug-price-transparency/