Nevada Governor Signs Diabetes Drug Price Transparency Bill into Law
Nevada’s landmark plan requiring insulin manufacturers to disclose price information was signed into law last week, establishing a more targeted strategy compared to the broader price transparency legislation currently being pursued in other states.
Focusing only on essential diabetes medications, the new law requires companies to present their reasons for any hikes in wholesale acquisition cost, with explanations for each contributing factor in the price increase, as well as annually divulge profits, manufacturing and marketing expenses, and provide a list of sales representatives in the state.
The law also requires the disclosure of the total amount of financial assistance provided through patient access programs, an aggregate of all rebates provided to pharmacy benefit managers, and a five-year history of price increases. The first reports are due before April 1, 2018.