Today, HHS w/ USDOL, USTreasury and USOPM issues new rule to improve transparency, competition and oversight on prescription drugs and medical costs.
New reporting requirements will help to identify prescription drug pricing trends' impacts on consumer health care costs
"Life-saving prescription drugs should not cost anyone their life savings," said HHS Secretary Xavier Becerra."Today the Biden-Harris Administration is taking additional steps to make health care more accessible and affordable for patients. By collecting key data on the costs of prescription drugs, we are promoting competition and transparency in the health care industry as we continue to curb the rising costs of drugs and surprise medical bills.
Today's action requires health plans, health insurance issuers offering group or individual health insurance coverage, and health benefits plans offered to federal employees to submit key data to the Departments, which will work through the HHS Assistant Secretary for Planning and Evaluation to publish a report on prescription drug pricing trends and rebates, as well as their impact on premiums and consumers' out-of-pocket costs.
Additional information on prescription drug rebates, fees, and other remunerations paid by drug manufacturers to plans, issuers, and pharmacy benefit managers—including the top 25 drugs generating the highest rebate amounts—will help the Departments understand and report on prescription drug costs, and how they fluctuate over time.
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