Public Disclosure of Drug Discounts and Real-Time Beneficiary Drug Cost Act

Floor Speech

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Mr. SCHRADER. Madam Speaker, I rise today in support of H.R. 2115, the ``Public Disclosure of Drug Discounts Act'' introduced from my friend and colleague, Ms. Spanberger.

While I believe something must be done to bring down the cost of drugs, I also know that unless we have a better view into the process of how a patient's cost is calculated, we will continue to struggle to address the problem. That's why I support this important piece of legislation that requires PBMs to report on all the price concessions and factors that contribute to determining the net cost of a drug.

PBMs play an important role in our healthcare system as the intermediary negotiating drug prices in the current marketplace. But only if we understand the actual cost of the drug can we ensure that consumers are getting a fair shake. The bill before you today is comprehensive, as it requires PBMs to report the amount of rebates, discounts, direct and indirect remuneration fees, administrative fees, and any other price concessions. The Secretary will make this information available publicly in a way that aggregates the information by class of a drug to protect the negotiation process but also provide insight into any discrepancy between the negotiated drug's net cost and the price a patient pays for that drug.

Addressing any healthcare problem requires a comprehensive approach. There is no one entity that is solely responsible for the high cost of drugs. We need transparency in our healthcare system. This bill had bipartisan support throughout the Committee process and similar measures have had support in the Senate. I am proud that we continue to work on measures that will help address one of the most concerning issues of our time, the exorbitant price of prescription drugs, and I thank leadership for bringing this measure to the floor today.

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