U.S. Senators Michael Bennet (D-Colo.) and James Lankford (R-Okla.) have introduced the Prescription Drug Supply Chain Pricing Transparency Act, aimed at increasing transparency in the flawed drug pricing supply chain. The bill would require the Government Accountability Office (GAO) to conduct a study on the current pharmaceutical drug supply chain structure and its impact on drug prices.
According to Bennet, the high cost of lifesaving medicine remains unaffordable for many Americans. He believes that this bill is an important step in increasing transparency in the drug pricing supply chain and making high-quality healthcare more accessible to all Americans. Lankford also emphasized the need for transparency, stating that Congress cannot fix what it cannot see. He believes that shedding light on the prescription drug pricing scheme will allow Congress to provide oversight and make positive changes.
The United States spends more on prescription drugs per capita than any other country. In Colorado, prescription drug costs are rising faster than other types of health services. The relationships within the pharmaceutical drug supply chain, including pharmacy benefit managers (PBMs), health insurance plans, pharmacies, and pharmaceutical manufacturers, have become increasingly complex. The lack of transparency in this system makes it difficult for Congress to identify the factors contributing to inflated drug prices.
The Prescription Drug Supply Chain Pricing Transparency Act specifically requires the GAO to conduct a study and submit a report to Congress. The report will focus on the ways in which the current pharmaceutical drug supply chain structure incentivizes drug manufacturers, PBMs, insurance companies, and other actors to price drugs higher. By understanding these incentives, Congress hopes to untangle the complicated system and improve patient access to affordable prices at the pharmacy counter.
Senator Bennet has been actively working to bring down the cost of prescription drugs for Coloradans. In the previous Congress, he helped secure enhanced health insurance premium tax credits and the requirement for Medicare to negotiate drug prices. He has reintroduced bills such as the Ensuring Timely Access to Generics Act to increase competition for generic drugs and lower drug costs. Bennet has also urged the Biden administration to hold big pharma accountable and lower prescription drug costs.
The text of the Prescription Drug Supply Chain Pricing Transparency Act is available here, and a summary can be found here. This legislation is part of ongoing efforts to address the rising cost of prescription drugs and make healthcare more affordable for all Americans.
Original Story at www.bennet.senate.gov – 2023-07-07 23:10:41
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