End Price Gouging for Medications Act

End Price Gouging for Medications Act

This bill requires the Department of Health and Human Services (HHS) to set maximum prices for prescription drugs under specified federal health programs. Specifically, HHS must establish reference prices based on certain factors, including the lowest retail price for a drug among specified reference countries.

Retail prices of covered drugs under specified federal health programs (e.g., Medicare and Medicaid) may not exceed the established reference prices. Drugs must also be available at such prices to uninsured individuals and to individuals with private health insurance.

Bill 118 hr 4215, also known as the End Price Gouging for Medications Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of price gouging in the pharmaceutical industry, specifically in relation to medications.

The bill aims to prevent pharmaceutical companies from unfairly raising the prices of essential medications, such as insulin and EpiPens, which are necessary for the health and well-being of many Americans. Price gouging occurs when companies significantly increase the price of a product without any justification, often leading to financial hardship for consumers who rely on these medications.

If passed, the End Price Gouging for Medications Act would establish regulations to limit the ability of pharmaceutical companies to engage in price gouging. This could include measures such as price caps, transparency requirements, and penalties for companies found to be engaging in unfair pricing practices. Supporters of the bill argue that it is necessary to protect consumers from the harmful effects of price gouging, which can lead to individuals being unable to afford the medications they need to stay healthy. They believe that the government has a responsibility to intervene in the pharmaceutical industry to ensure that essential medications remain affordable for all Americans. Opponents of the bill may argue that government intervention in pricing could have unintended consequences, such as limiting innovation in the pharmaceutical industry or leading to shortages of essential medications. They may also argue that market forces should be allowed to determine the price of medications, rather than government regulation. Overall, the End Price Gouging for Medications Act is a proposed piece of legislation aimed at addressing the issue of price gouging in the pharmaceutical industry. If passed, it could have significant implications for how medications are priced and accessed by consumers in the United States.