Why are prescription drug costs so high? State Surgeon General Dr. Joseph Ladapo stated, “The American people have been led to believe that drug costs are high so that pharmaceutical companies can continue to perform research.” “But this claim ignores the fact that pharmaceutical research and innovation tends to begin in universities, mostly through NIH (National Institutes of Health) funding. That’s our tax dollars. The American people deserve affordable prescriptions, not unnecessary mark-ups that continue to line the pockets of Big Pharma.” The truth is patented products that limits competition and the lack of transparency and accountability majorly contribute to Big Pharma greed for profit.
One-fourth of the nearly 9 in 10 adults 65 and old who are taking prescription drugs say it is financially difficult to afford their prescription drugs. Florida’s legislators heard the cry and passed the most comprehensive prescription drug legislation in Florida History. The legislation provides consumer protection which prohibits pharmacy benefits managers from mandating consumers use a mail-order pharmacy but gives the consumer the option of a mail-order pharmacy if desired. Also prohibits a Florida-register pharmacy benefits manager from only mandating a narrow network of providers inclusive of only pharmacy benefits manager preferred pharmacies. Most importantly for small businesses across our county, it preserves the ability for an in-person pharmacist/patient relationship.
The new legislation also provides an additional level of accountability and transparency for pharmacy benefits managers and drug manufacturers. Pharmacy benefits managers must disclose all organizations preferred pharmacies or companies within their corporate umbrella to the applicants. Requires the pharmacy benefits manager to disclose any complaints or settlement agreements they’ve been a party to while operating in Florida. Directs the Office of Insurance Regulation to act against pharmacy benefits managers which violate state law and hold them accountable. In addition to the crackdown on pharmacy benefits managers, the legislation also included additional requirements for drug manufacturers. Drug manufacturers must now disclose proposed price increases before they go into effect. All licensed manufacturers must submit an annual report outlining and justifying any increases over the past year and require online posting.
Florida does have an online portal MyFloridaRX.com which provides a Prescription Drug Price Locator combined with prescription drug data of pharmaceutical costs among individuals covered by Medicare, Medicaid, and commercial insurance to ensure a uniform system of price transparency. The site provides an interactive map by county and prescription drug and discloses the available pharmacy, its address, and the prescription drug cost.
Florida is not only fighting the fight to protect Floridians from unfair consumer practices at the state level but also at the federal level. Governor Ron DeSantis submitted the Canadian Drug Importation program to the federal government over 2 years ago and the U.S. Food and Drug Administration has not acted upon the proposal. Attorney General Ashley Moody stated, “Governor DeSantis and I are fighting to lower prescription drug costs, but Washington bureaucrats are blocking our efforts”. “We filed litigation to force the FDA to accept our medication importation proposal. This action will save Florida $150 million a year.”
The fight for disclosure, transparency, and accountability in the drug industry will surely benefit all Floridians. It might not immediately provide affordability to all, but it is certainly a step in the right direction to provide consumer protection to us all. That concludes this week’s edition of The Straight Truth With Mary Ann Hutton.