Nevada seeks to better regulate the cost of prescription drugs with a new bill, reports Business Insider.
Nevada State Sen. Yvanna Cancela (D-District 10) introduced the bill in March. The legislation advanced through the Senate on May 19, the Assembly on May 25 and now awaits approval from Republican Gov. Brian Sandoval, according to the report.
Here are five things to know about the bill.
- While 23 states are proposing legislation to address high drug costs, Nevada's bill specifically focuses on two diabetes treatments: insulin and biguanides.
- The original bill included a policy to cap insulin price hikes at the inflation rate, which was later amended. The current bill says drugmakers must inform state officials and insurers of insulin price increases 90 days in advance.
- The bill would require pharmacy sales representatives to obtain a special license and share specific details about their discussions with healthcare providers, according to the report.
- Nonprofit groups would be required to disclose any funding from drugmakers, along with funds they receive from middlemen, such as pharmacy benefit managers and insurers.
- The bill faces much pushback from drugmakers, industry lobby groups and patient advocacy groups, who say the legislation does not account for rebates paid to middlemen and unfairly targets diabetes patients.
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