New Jerseyans will soon get an inside look at what prescription drug prices will be for wholesalers, insured people and people paying out of pocket under new state rules aimed at keeping price increases low. Information will be available, officials announced Wednesday.
The new rules will take effect on Tuesday and will require those involved in the manufacture and distribution of pharmaceutical products to provide key pricing data that will be published in the news. public website Operated by the state’s Department of Consumer Affairs.
Once all this data is reported, it will be possible to understand how drugs are priced at every step of the way, from the time they leave the manufacturing plant to the time the pharmacist hands the vial to the patient.
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The new rules were introduced because drug prices in the U.S., from generics to brand-name products, are nearly three times as expensive as the same products in comparable countries. Federal Government Report I found it this year.
It remains to be seen whether greater transparency will help keep prices down. Similar efforts have been made in recent years to require hospitals to disclose surgical costs. There were mixed results regarding pricing.
Price data “will help us identify factors that contribute to high prescription drug prices and improve oversight of the pharmaceutical industry to the benefit of New Jersey consumers,” said Kari Fais, acting director of the Department of Consumer Affairs. he said in a statement.
New reporting requirements
of new rules Different information is required from different entities in the pharmaceutical supply chain. among them:
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Manufacturers are required to report all price increases and launch prices for new drugs in New Jersey.
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New Jersey insurance companies that offer prescription drug benefits are required to report spending on the top 25 prescription drugs and specific drug groups and their impact on premiums.
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Pharmacy service management organizations report negotiated reimbursement rates.
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Pharmacy benefit managers and wholesalers must report price, quantity, and discount information based on drug information provided by all other groups.
This article originally appeared on NorthJersey.com. New Jersey gets new drug price comparison tool How it works
