On March 5, 2018 the Executive Council (EC) adopted a support position for HB 4005-B. HB 4005-B requires transparency in prescription drug pricing. The EC supports this bill for its potential to lower the prescription costs paid by individuals, and also for its potential to lower health care costs for public employees.
HB 4005-B Requires prescription drug manufacturers to report annually information to Department of Consumer and Business Services regarding prices of prescription drugs and costs associated with developing and marketing prescription drugs. It authorizes the department to impose civil penalties on manufacturer for failing to comply with reporting requirements. Further, it requires health insurers that offer prescription drug benefit to report to the department specified information about prescription drug prices and impact of prescription drug prices on premium rates. Additionally, it authorizes the department to adopt by rule fees on manufacturers, and requires it to conduct annual public hearing on prescription drug prices and related information reported by manufacturers. Finally, it establishes the Task Force on the Fair Pricing of Prescription Drugs, as well as specifies the task force’s membership and duties, and requires the task force to submit report to Legislative Assembly by November 1, 2018.