Steil, Bacon put pressure on companies to lower prescription drug prices

U.S. Reps. Bryan Steil (R-WI) and Don Bacon (R-NE) cosponsored bipartisan legislation on April 14 that would spotlight high prescription drug prices by requiring pharmaceutical companies to disclose the list prices of medication in TV advertisements.

“Prescription drug prices strain budgets for many families and seniors. One step we can take to lower prices is to improve transparency and provide consumers with the information they need to make an informed choice,” Rep. Steil said.

The congressmen cosponsored the Plain Prescription Prices Act, H.R. 7529, with bill sponsor U.S. Rep. Nikema Williams (D-GA), to require direct-to-consumer advertisements for prescription drugs and biological products to include truthful and not misleading pricing information, according to the text of the bill.

“Making prescription drug prices more affordable must be a top priority, and citizens should know exactly how much their medication is going to cost,” Rep. Bacon said. “I’m glad to join my House colleagues in this bipartisan effort to ensure the list price is clearly labeled—no gimmicks, no broken promises.”

The list prices of prescription drugs are difficult for Americans to find publicly, unlike the prices of most products advertised on TV. But with the reforms proposed in H.R. 7529, consumers would have the information to make decisions that could put pressure on companies to lower rising prescription drug prices.

“This simple move can increase transparency and provide patients with the options they deserve,” Rep. Steil said.