A bill to require reporting regarding certain drug price increases, and for other purposes.
Fair Accountability and Innovative Research Drug Pricing Act of 2023
This bill requires manufacturers to report about certain price increases for prescription drugs and biological products with a wholesale cost of at least $100 per month.
Such reports must include, among other information (1) the percentage price increase, (2) a justification for such increase, (3) the price history of the drug, (4) the total cost to develop the drug, and (5) the total revenue and net profit generated from the drug. Manufacturers are subject to civil penalties for failing to comply with the bill's requirements. Additionally, the Food and Drug Administration must post the information on its website.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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