U.S. Senator John McCain and two democratic colleagues introduced a drug pricing bill that fights escalating prescription drug prices by bringing transparency to plans by companies to increase prices. The law would require companies to produce a transparency and justification report 30 days before increasing the price of certain drugs. The report would require details on costs of developing the drug, net profits, and marketing and advertising costs. (Prescott eNews, May 16, 2017, by Julie Tarallo)
A health industry group said reforms including improved transparency could help lower drug prices, saving nearly $71 billion in the next ten years. The Council for Affordable Health Coverage also called for providing the public with better information about retail drug costs, coverage and alternatives. (Modern Healthcare, May 17, 2017, by Alex Kacik)