WASHINGTON (CBSMiami) – In an effort to reduce the cost of prescription drugs, Senator Rick Scott has introduced the Transparent Drug Pricing Act which promotes transparency in drug prices.
“American consumers are facing a crisis of rising drugs costs and we can’t wait any longer. I urge every Senator to put themselves in the shoes of a family or a senior living on a fixed income who’s seen their drug costs triple in just a few years,” said Scott in a statement. “This is about the lives of real people that hang in the balance. Every American should know exactly what their prescriptions cost and it’s unfair that consumers in other countries get a better deal than patients in America. That must change.”
The Transparent Drug Pricing Act has three main components: price transparency, choice, and fairness.
When it comes to price transparency, the act would require pharmacies to inform patients what it would cost to purchase drugs out-of-pocket instead of using their insurance and co-pay. If patients choose to pay out-of-pocket (which is often cheaper), the total cost would be applied to their deductible.
The act would also require insurance companies to inform patients of the total costs of their prescription drugs 60 days prior to open enrollment. Once those costs are set, they cannot be changed for a full 12 months.
Finally, drug companies would not be able to Americans more for prescription drugs than they charge consumers in other industrialized nations like Great Britain, Canada or Germany. This provision would sunset after five years.