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Pharmaceutical Research Transparency Act of 2023
12/15/2023, 4:07 PM
Summary of Bill S 1476
Under this bill, pharmaceutical companies would be required to provide detailed information about the costs and funding sources of their research and development activities. This information would be made publicly available in order to increase transparency and accountability within the industry.
Additionally, the Pharmaceutical Research Transparency Act of 2023 would require drug companies to disclose any financial relationships they have with healthcare providers, researchers, or patient advocacy groups. This is intended to prevent conflicts of interest that could potentially influence the research and development of new drugs. Overall, the goal of this legislation is to ensure that the pharmaceutical industry operates in a transparent and ethical manner, ultimately leading to better outcomes for patients and the healthcare system as a whole.
Congressional Summary of S 1476
Pharmaceutical Research Transparency Act of 2023
This bill requires the disclosure of costs associated with clinical trials and pharmaceutical research and development.
Specifically, the National Institutes of Health must create a publicly available repository of cost data from certain clinical trials that test the efficacy of drugs, biological products, and devices in human subjects. For each applicable trial, the registry must, among other information, include the total and per patient cost of the trial, as well as costs for personnel, health care services, and other categories of expenditures. Information must be added to the registry within one year of the trial's completion.
The bill also requires drug manufacturers to include their research and development expenditures for drugs and biological products in annual disclosures made to the Securities and Exchange Commission.
