Prescription Drug Affordability Initiative

Add your agreement with the Prescription Drug Affordability Initiative below:

WHEREAS, name-brand and specialty drug costs rose over 12% in 2014 (the latest year available), which is nearly double any other health care spending category and fifteen times greater than inflation. Drug costs are a major cause of higher health care premiums each year; and

WHEREAS, in 2013, the U.S. health care system spent more than $80 billion on specialty drugs alone, which cost on average 37 times higher than traditional drugs, represent 31 percent of total drug spending, and are projected to increase to 44 percent of overall drug spending by 2017; and

WHEREAS, disclosure of drug development costs and marketing expenditures by drug corporations will create competition, drive down prices, and ensure affordable health insurance coverage options; and

WHEREAS, consumers and policymakers deserve more information on drug costs and cost increases to inform solutions that may help lower health care costs to consumers; and

WHEREAS, rapid inflation in drug prices contributes to an already burdened health care system;

THEREFORE, BE IT RESOLVED that the undersigned organization supports:

• Requiring major drug corporations to disclose the basis for the prices of their prescription drugs, including generic, name brand and specialty drugs, in a timely fashion, including how much they spend on production, research, marketing and profits;
• Requiring major drug corporations to provide prior public notice if they plan on increasing the wholesale price of any name brand or specialty drug by 10% or more so that consumers can better plan for such price hikes; and,
• Authorizing the Office of the Maryland Attorney General to take legal action to prevent price gouging by major drug corporations.

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