Sen. Blumenthal Proposes Bill to Combat Price Gouging in Pharma

from tHEORetically Speaking: The HealthEconomics.Com Blog at http://bit.ly/2wlMtdb on August 28, 2018 at 04:40PM

Sen. Richard Blumenthal proposed a bill that would bestow new powers to the U.S. Department of Health and Human Services and the Department of Justice to combat price gouging in the pharmaceutical industry, the Hartford Courant reports.

Announced during a press conference Monday, the bill, the Cure High Drug Prices Act, could offer some relief to consumers affected by the significant surge in the price of EpiPens, according to Blumenthal.

“If prices are unduly high, if they rise by an exorbitant amount — say 10 percent or more — the Department of Health and Human Services could order that there be a justification,” he said during the press conference. “If there’s no justification based on the cost of the ingredients, for example, they could order the price be rescinded, refunds to individual consumers and a civil penalty.”

Blumenthal noted during the press conference that EpiPens once carried a $57 price tag, but the costs have skyrocketed to between $600-$700.

Click here to read the full report on the Hartford Courant.