SPIKE Act: Increased Drug Price Transparency and Cost Control
This act aims to increase transparency in drug pricing by requiring manufacturers to justify significant price increases. This helps citizens understand why drug prices are rising, potentially impacting treatment accessibility and costs. Manufacturers will need to disclose detailed information on costs and profits, aiming to protect patients from unjustified price hikes.
Key points
Drug manufacturers must justify price increases of 10% (or $10,000) over 12 months or 25% (or $25,000) over 36 months.
Disclosure of information on production costs, research, marketing, as well as drug revenues and profits is required.
Justifications for price increases will be publicly available online, increasing transparency.
High financial penalties for manufacturers who fail to submit justifications or provide false information.
Expired
Citizen Poll