Trenton – Legislation sponsored by Senator Troy Singleton, which would require the New Jersey State Board of Pharmacy to establish a prescription drug pricing disclosure website, cleared the Senate Health, Human Services and Senior Citizens Committee.
“Drug prices in this country have continued to rise astronomically, and Americans spend more on prescription drugs than anyone else in the world,” said Senator Singleton (D-Burlington). “This legislation will bring more drug price transparency to the state, and in turn, create competition that will result in lower costs.
The bill, S-2389, would require the New Jersey State Board of Pharmacy to develop a prescription drug pricing disclosure website that would be prominently linked on the board’s home page. The website would include information on the name of the product, whether it is brand name or generic, drug strength, per-unit wholesale acquisition cost of the drug, and any disclaimers deemed appropriate by the board. The wholesale acquisition cost is the pharmaceutical manufacturing company’s list price for the pharmaceutical drug.
The bill would also require pharmaceutical manufacturing companies that engage in prescription drug marketing to provide the board with the current wholesale acquisition cost information for pharmaceutical drugs or biological products marketed in the State by that company. Under the bill, prescription drug marketing is any activity that provides educational or marketing information or materials regarding a prescription drug.
Any pharmaceutical manufacturing company that fails to comply with the provisions of this bill would be liable to penalties.
The bill was released from committee by a vote of 9-0.