Jefferson City – State Sen. Lauren Arthur, D – Kansas City, has filed legislation to tackle the problem of rising prescription drug prices faced by many Missourians. The legislation increases transparency in the pharmaceutical industry and establishes the Missouri Drug Cost Review Commission.
“I’ve heard from constituents who are struggling to keep up with the rising cost of prescription drugs, and these costs are consuming millions of taxpayer dollars within state health care programs. We must reign in the skyrocketing costs to help families and protect taxpayers,” said Sen. Arthur. “Under my legislation, drug companies and health insurance providers won’t be able to raise prices in secret or on a whim. This legislation enacts common sense consumer protections to keep prices down and increase transparency.”
Senate Bill 310 would establish the Missouri Drug Cost Review Commission within the Missouri Department of Insurance, Financial Institutions and Professional Registration. Beginning in 2022, health insurance providers and pharmacy benefit managers would be required to report the rebates and discounts they receive to the Missouri Drug Cost Review Commission to ensure that these savings are correctly calculated in future health care premiums.
Additionally, the Missouri Drug Cost Review Commission would have the power to require drug manufacturers to justify high prices or substantial price increases. If the costs are deemed to be unjustified, the Commission may require the manufacturer to reimburse a portion of the costs.
Each year, the Missouri Drug Cost Review Commission would publish a public report of its findings. This report would include, but is not limited to, information on the most often prescribed and purchased pharmaceuticals, the prices of these products and the rebates and discounts received by providers. This report would not include any personal health or proprietary information.
For a complete list of all bills filed for the 2019 legislative session, please visit the Missouri Senate’s website at senate.mo.gov.
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