Big Pharma Getting a Taste of Their Own Medicine
(FinancialHealth.net) – The cost of prescription drugs in the US has long been a problem for average Americans. Often, people are unable to purchase life-saving medications because of exorbitant costs. Fortunately, lawmakers across the country are working to stop Big Pharma from bleeding Americans dry.
The beginning of 2020 brought price hikes to hundreds of brand name drugs. The price increases came amid efforts by states and the federal government to curb rising costs. The Senate, House and Trump Administration have all released plans to help with the problem. Although each of the plans is unique, there is hope for compromise down the road. In the meantime, states are stepping in.
Last year, 43 states saw prescription drug bills introduced. According to the National Academy for State Health Policy (NASHP), most of the bills related to oversight of the supply chain for drugs — for example, transparency bills that’ll force drug makers to explain why they’re raising prices. Also, the bills would require pharmacy benefit managers and insurance companies to disclose information such as drug prices. Other bills will set payment ceilings for medications and allow states to import meds wholesale from other countries.
Of the states that saw bills introduced last year, 33 have enacted laws attacking the cost of prescription drugs.
It looks like states are going to continue the fight in 2020. So far this year, at least three states — Colorado, Pennsylvania and Ohio — have introduced bills to fight drug prices. While it may be bad news for pharmaceutical companies, it’s great news for Americans.
~Here’s to Your Financial Health!
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