The state’s Prescription Drug Price Transparency Program was created to illuminate pharmaceutical pricing practices, but pharmaceutical companies have shielded information they say infringes on trade secrets.
House Bill 2388 will strengthen the existing regulation of pharmacy benefit managers by giving the Department of Consumer & Business Services the ability to investigate complaints and cancel a company’s registration if the PBM commits fraud or fails to pay civil penalties.
The Oregon Department of Consumer and Business Services would step in if a drug exceeded $10,000 or had cost increases greater than 3.4 percent. State regulators would index a price according to what other countries have negotiated for the drugs. Consumers would also see a cap on costs that they pay out-of-pocket.