Sen. Harris Unveils Detailed Plan to Rein in High Drug Prices
Presidential hopeful Sen. Kamala Harris (D-Calif.) has released an in-depth proposal to help lower drug prices by allowing HHS to cap prices for prescription drugs that are sold for less in developed countries or drugs whose annual prices are raised by more than the cost of inflation.
The price cap, what the plan calls the “fair price,” would be updated yearly and take inflation into account.
Drug companies that don’t adhere to the price requirements would be hit with a fine on all profits made from selling a drug above the HHS-defined “fair price” in the form of a 100 percent tax. The proceeds of the proposed tax would return to consumers at the point of sale or through mail-in rebates, Harris said.