Legislators approve drug cost transparency bill
SALEM, Ore. (AP) — Both chambers of the Oregon Legislature have approved a measure that would require drug companies to divulge development costs for their most expensive products.
The measure requires drug companies to disclose the costs for developing, manufacturing, marketing and distributing prescription drugs, and previous-year revenues.
It would apply only to drugs costing at least $100 for a month’s supply, and that saw price increases of at least 10 percent in a year. Drugs that fall beneath either threshold are exempted.
Following House approval, the Senate voted 25-4 on the measure Friday, sending it to Gov. Kate Brown to sign.
The Department of Consumer and Business Services will post the information publicly, and be able to fine violators up to $10,000 per day.
The Pharmaceutical Research and Manufacturers of America objected to the bill.