Delegate Hurst introduces bill to increase prescription drug pricing transparency
RICHMOND, Va. (WSET) -- Delegate Chris Hurst (D-12) introduced legislation that requires pharmaceutical companies to disclose cost and profit data for their most expensive prescription drugs.
House Bill 1436 directs all manufacturers of prescription drugs with wholesale acquisition prices over $10,000 to annually report data on the costs of research and development, manufacturing and distributing, patenting, and marketing these drugs.
Additionally, manufacturers must disclose their profits from the sale of the relevant drugs, any wholesale price increases, and the total amount of financial assistance provided to recipients of the drugs.
“After talking with many families struggling to choose between life-saving medications and rent, groceries or school supplies, I felt compelled to act," Hurst said.
Once prescription drug manufacturers release the required data, the bill instructs the State Health Commissioner to annually report the information to the General Assembly and coordinate with a nonprofit agency to disclose the data to the public.