From WisPolitics.com/WisBusiness.com …
— Legislation from Dem lawmakers would create new price increase notification requirements for drugmakers, which authors say would boost transparency for patients in Wisconsin.
Reps. Anne Roe of Janesville and Lisa Subeck of Madison as well as Sen. Brad Pfaff of Onalaska recently sent out a co-sponsorship memo seeking support for LRB 5047/1.
They point to drug manufacturers in the state and elsewhere “dramatically increasing” the prices for brand-name and generic medications, arguing these increases are often justified only by “vague” references to research and development costs.
“To bring greater accountability and transparency to drug pricing, we are introducing legislation to increase pharmaceutical cost transparency in Wisconsin,” they wrote.
Under the legislation, drug manufacturers would be required to notify the state Department of Health Services and Office of the Commissioner of Insurance if it’s increasing the wholesale acquisition csto of a brand-name drug in the state by more than 25% over 24 months.
They would also have to provide notice if they plan to introduce a brand-name drug with an annual wholesale acquisition cost of $30,000 or more, according to analysis by the Legislative Reference Bureau.
Other provisions would set similar requirements for generic drugs, forcing manufacturers to provide notice if they boost the wholesale cost of a generic drug in the state by more than 25% or more than $300 during a 12-month period. And they would have to inform DHS and OCI if they plan to introduce a generic drug with an annual wholesale cost of $3,000 or more.
Companies would have to provide the notice at least 30 days beforehand and offer a justification, while also reporting annually to the two state agencies on the value of price concessions provided to pharmacy benefit managers for drugs that required such a notice.
Other provisions under the bill relate to reporting for manufacturer-sponsored assistance programs, financial penalties for failure to provide notice, online posting requirements and staffing and administration appropriations for DHS, which would get two-full time positions under the proposal.
Authors note they worked with the agency to draft the bill.
The co-sponsorship deadline is 5 p.m. Wednesday.
See the bill text.
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