CARSON CITY, Nev. (AP) — Nevada now has the nation’s strictest rules requiring pharmaceutical companies to reveal how they set certain prescription drug prices.
The bill Gov. Brian Sandoval signed on Thursday is sharply focused in insulin – one of many life-sustaining prescription treatments sold in America at prices that have skyrocketed in the last decade.
The new law, which takes effect Oct. 1, mandates drug makers to annually reveal their insulin prices, profits, and discounts given to market middlemen.
Republican-backed provisions require pharmaceutical companies to justify insulin price hikes and outlaw “gag rules” that bar pharmacists from suggesting less-expensive prescription options.
America’s three insulin manufacturers will face fines of $5,000 each day they fail to provide the data without explanation.
The law also requires certain nonprofits to publish donations from pharmaceutical companies.