CARSON CITY, Nev. (AP) - A Nevada bill would force pharmaceutical drugmakers to refund insurance companies and diabetics if insulin prices rise above inflation, and require drugmakers to disclose information about costs associated with insulin.
Here’s more on what the bill proposes:
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REIMBURSEMENTS
Insulin makers would have to disclose list prices and reimburse insurers and others who pay for diabetes-related drugs when insulin prices are higher than inflation. Refunds would be triggered if the list prices of insulin or metformin, an inexpensive generic pill frequently used to treat type 2 diabetes, rise more than the national Consumer Price Index Medical Care Component. It increased between 2 percent and 5 percent in each of the last 10 years.
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NOTIFICATION
Pharmaceutical companies would be required to notify insurance companies and the state 90 days before they raise insulin list prices above the preceding year’s inflation rate.
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PRICING DISCLOSURE
Drug makers would be required to publicly disclose insulin data including research costs, manufacturing expenses, profits and discounts provided to insurance companies, pharmacy benefit managers and insulin wholesalers.
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LICENSING DRUG SALESMEN
Pharmaceutical sales representatives in Nevada would be licensed. To renew licenses, sales personnel would be required to disclose the prescription drugs they marketed, the makers of those drugs and the drugs’ list prices in the preceding year. They would also be required to provide details about their meetings with doctors as well as gifts and free samples provided to doctors or pharmacists.
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NONPROFIT DISCLOSURE
Nonprofit organizations would be required to provide annual reports of the contributions they receive from pharmaceutical companies and the percentage of the groups’ budgets that those donations represent. The information would be made public.
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Nevada Senate Bill 265:
https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5206/Overview
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