Contact: Aaron White
WASHINGTON – Today, the House Committee on Ways and Means passed the Prescription Drug Sunshine, Transparency, Accountability and Reporting (STAR) Act, which will provide Americans with more transparency and lower drug prices by holding prescription drug manufacturers accountable for the list price they charge consumers. The bill will now move to the House floor for consideration and final passage.
Rep. Ron Kindserves on the Health Subcommittee of the Ways and Means Committee and released the following statement:
“For too long, Wisconsinites have paid too much for the prescriptions they rely on,” said Rep. Ron Kind.“I am proud to support this bill, which will put Wisconsinites first and stress accountability and transparency before profits.”
The bill seeks to increase the transparency of drug prices in several ways. The bill requires drug manufacturers to publically justify large price hikes and report information on the average sales price of their drugs. The bill also requires Pharmacy Benefit Managers (PBMs) to publically report their total rebates and discounts.
From 2011 through 2016, drug spending increased more than 27 percent, making up for 17 percent of all healthcare spending. More than half of the total prescription drug spending increase in 2016 was for brand name drugs that were on the market for fewer than 24 months.
One quarter of Americans surveyed say it is difficult to afford drugs, and three in ten adults surveyed report not taking a prescription drug because it was too expensive to purchase, according to recent polling from Kaiser Family Health.