Steven Horsford shown Nov. 6, 2018. (Photo: Associated Press)
Rep. Steven Horsford, D-Nev., and three other U.S. House members have introduced a plan modeled on Nevada’s law to stop the rising price of pharmaceuticals.
He said the plan would require drug manufacturers to publicly justify high prices for new drugs or large price increases for existing drugs.
At the same time, he introduced legislation capping drug costs for seniors to put a maximum on out-of-pocket costs for seniors enrolled in Medicare Part D.
“Over the last four years, Nevada has led the nation on drug pricing transparency by requiring manufacturers of certain medications to justify high price increases to the state,” he said.
He said he is excited to propose a similar plan for the entire nation, saying it will hold drug companies accountable for price increases and price gouging.
The proposed legislation would require drug makers to submit an explanation of any drug price increased more than 10 percent or $10,000 over a year, 25 percent or $25,000 over three years or has a launch price for new drugs over $26,000.