AARP New York is urging Gov. Kathy Hochul to sign a bill that aims to increase transparency of prescription drug prices in the wake of a new report released Thursday that shows list prices of the most popular Medicare Part D drugs have more than tripled since entering the market.

“The bad news is, the cost of key prescription drugs has skyrocketed, as a new AARP report shows. The good news is, a bill heading to the Governor would expose big price increases and may discourage the big drug makers from raising prices so high so often,” AARP New York State Director Beth Finkel said in a statement Friday.

State lawmakers passed the bill back in June. If signed into law by Hochul, drug makers would be required to notify the public of price increases before they take effect through the drug utilization review board — a move that supporters hope will lead to lower prices for consumers. 

States like California, Texas, New Jersey, Connecticut and Vermont that have enacted transparency measures for prescription drug costs, which in turn were followed by reductions in price hikes. 

“Prescription drug price transparency laws in other states have resulted in lower and fewer price increases. We need that in New York," Finkel said.


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