U.S. Representatives Bryan Steil (R-WI) and Don Bacon (R-NE) co-sponsored bipartisan legislation on April 14 that would shine a light on high prescription drug prices by requiring pharmaceutical companies to disclose list prices of drugs in television advertisements.
“The cost of prescription drugs weighs on the budgets of many families and seniors. One step we can take to lower prices is to improve transparency and provide consumers with the information they need to make an informed choice,” Rep. Steil said.
Members of Congress co-sponsored the Plain Prescription Prices Act, HR 7529, with the bill’s sponsor, U.S. Representative Nikema Williams (D-GA), to require that direct-to-consumer advertisements for prescription drugs and products biologicals include truthful and not misleading price information, according to the text of the bill.
“Making prescription drug prices more affordable must be a top priority, and citizens need to know exactly how much their drugs are going to cost,” Rep. Bacon said. “I am pleased to join my colleagues in the House in this bipartisan effort to ensure the list price is clearly labeled – no gimmicks, no broken promises.”
List prices for prescription drugs are difficult for Americans to find publicly, unlike the prices for most products advertised on television. But with the reforms proposed in HR 7529, consumers would have the information they need to make decisions that could pressure companies to reduce rising prescription drug prices.
“This simple gesture can increase transparency and give patients the options they deserve,” said Rep. Steil.