WASHINGTON (WSVN) — Sen. Rick Scott has introduced an act that would effectively lower the cost for prescription drugs.
Scott announced the introduction of the Transparent Drug Pricing Act, Friday morning.
Scott said the act would promote transparency in drug pricing and would reduce the cost of prescription drugs for American consumers.
The bill would require pharmacies to tell patients what it would cost to buy drugs out-of-pocket, instead of using their insurance. If patients chose to pay out-of-pocket, the total cost would be applied to their deductible.
The bill would also require insurance companies to tell their patients of the total cost of their prescription drugs 60 days before open enrollment, allowing patients to look around for better prices. Once the prices are set, they would be locked in for a year.
Scott’s act would also prohibit drug companies from charging consumers more for prescription drugs than they charge consumers in other developed countries like Canada, Britain and Germany. This provision would sunset after 5 years.
“American consumers are facing a crisis of rising drug costs and we can’t wait any longer,” Scott said in a statement. “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. 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. There is no justification for waiting, we need to address the soaring costs of prescription drugs right now. Drug prices are a serious problem – a problem Washington should have addressed long ago.”
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