Trenton – Legislation sponsored by Senator Troy Singleton, which would require the Division of Consumer Affairs to establish a prescription drug pricing disclosure website, was signed into law by Governor Phil Murphy.
“Drug prices in this country have continued to rise astronomically, and Americans spend more on prescription drugs than other nations in the world,” said Senator Singleton (D-Burlington). “Implementing this law will bring more drug price transparency to the state, and in turn, create competition that will result in lower costs.”
The new law will require the Division of Consumer Affairs to develop a prescription drug pricing disclosure website that will be prominently linked on the board’s home page. The website will include information on the name of the product, whether it is a 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 law will 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 law, 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 law will be liable to penalties.