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Drug-price Transparency for Consumers Act of 2023
3/12/2024, 3:33 PM
Summary of Bill S 1250
Bill 118 s 1250, also known as the Drug-price Transparency for Consumers Act of 2023, aims to increase transparency in drug pricing for consumers. The bill requires pharmaceutical companies to provide detailed information on the pricing of their prescription drugs, including the cost of production, research and development expenses, and any other factors that contribute to the final price.
Additionally, the bill mandates that drug manufacturers disclose any price increases for their products, as well as any discounts or rebates offered to insurers or pharmacy benefit managers. This information must be made available to the public in a clear and easily accessible manner, such as on the company's website or through a government database.
The goal of the Drug-price Transparency for Consumers Act is to empower consumers to make more informed decisions about their healthcare and prescription drug purchases. By increasing transparency in drug pricing, the bill aims to hold pharmaceutical companies accountable for their pricing practices and help reduce the financial burden on patients. Overall, the bill seeks to promote fairness and affordability in the pharmaceutical industry, ultimately benefiting consumers and improving access to essential medications.
Additionally, the bill mandates that drug manufacturers disclose any price increases for their products, as well as any discounts or rebates offered to insurers or pharmacy benefit managers. This information must be made available to the public in a clear and easily accessible manner, such as on the company's website or through a government database.
The goal of the Drug-price Transparency for Consumers Act is to empower consumers to make more informed decisions about their healthcare and prescription drug purchases. By increasing transparency in drug pricing, the bill aims to hold pharmaceutical companies accountable for their pricing practices and help reduce the financial burden on patients. Overall, the bill seeks to promote fairness and affordability in the pharmaceutical industry, ultimately benefiting consumers and improving access to essential medications.
Congressional Summary of S 1250
Drug-price Transparency for Consumers Act of 2023 or the DTC Act of 2023
This bill requires consumer advertisements for drugs and biologicals to include certain price information if the drug or biological is (1) covered under Medicare or Medicaid, and (2) required to include a risk summary under current law. The requirement does not apply to advertisements for drugs or biologicals with a wholesale cost of less than $35 for a one-month supply.
Each violation of this requirement is subject to a civil penalty of not more than $100,000.
Read the Full Bill
Current Status of Bill S 1250
Bill S 1250 is currently in the status of Bill Introduced since April 20, 2023. Bill S 1250 was introduced during Congress 118 and was introduced to the Senate on April 20, 2023. Bill S 1250's most recent activity was Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1297; text: CR S1297-1298) as of April 20, 2023
Bipartisan Support of Bill S 1250
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
16Democrat Cosponsors
8Republican Cosponsors
6Unaffiliated Cosponsors
2Policy Area and Potential Impact of Bill S 1250
Primary Policy Focus
HealthAlternate Title(s) of Bill S 1250
Drug-price Transparency for Consumers Act of 2023
Drug-price Transparency for Consumers Act of 2023
A bill to amend title XI of the Social Security Act to require that direct-to-consumer advertisements for drugs and biologicals include an appropriate disclosure of pricing information.
Comments
Sponsors and Cosponsors of S 1250
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