Lance Hails Drug Price Transparency Bills Signed Into Law

WESTFIELD, N.J. — Congressman Leonard Lance (NJ-07) issued the following statement after the President signed The Patient Right to Know Drug Prices Act and the Know the Lowest Price Act into law.

“When patients and senior citizens are at the pharmacy counter they deserve all the information.  If a cheaper option is available, pharmacists shouldn’t be prohibited from saying so.  Americans spent over $300 billion last year on prescription drugs – with $45 billion coming out of pocket.  These common sense fixes are going to make a positive difference and save patients money,” said Lance.

The Patient Right to Know Drug Prices Act would prohibit an insurer or pharmacy from restricting staff to provide drug price information to a plan enrollee when there is a difference between the cost of the drug through insurance and the cost of the drug when purchased without insurance.

The Know the Lowest Price Actwould provide this same protection for individuals who are covered by Medicare Advantage and Medicare Part D plans.  These bill would apply to plans offered through exchanges and by private employers.

“Such ‘gag clauses’ are robbing patients of important information.  Time to end it,” concluded Lance.

Lance’s Energy And Commerce Committee earlier this year advanced the FDA Reauthorization Act which improved generic competition to lower the cost of prescription drugs.