New NJ prescription med rules to lower costs take effect
💊 Rules promote transparency for prescriptions
💊 Drug companies notify NJ about price increases
💊 NJ Consumer Affairs division offers online drug price registry
New prescription medication guidelines should help ease the minds of millions of New Jerseyans who worry about drug prices.
Rules promoting transparency in the costs of prescription medicines took effect on Wednesday, according to Attorney General Matthew Platkin and the Division of Consumer Affairs. Gov. Phil Murphy signed them into law as part of a package of related bills last year.
Around 54% of New Jersey adults worry about the cost of prescription medications, according to a 2022 Altarum survey. And nearly one in four had to ration their meds due to cost by cutting pills in half or skipping a script.
“Until now, we’ve been kept in the dark about the main drivers of high prescription drug costs. The new rules allow us to gain greater insight into prescription drug pricing and a better understanding of how we can help advance the goal of prescription drug affordability and accessibility," said Platkin.
NJ must be notified of drug price changes
The new rules apply to drug companies across the supply chain from manufacturing and wholesalers to insurance companies and pharmacy services administrative organizations (PSAOs).
Each entity must report different data to the Division of Consumer Affairs.
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Drug manufacturers are required to tell the state about price increases and new drugs that hit the market. This data will be used to make a report once a year about emerging trends in prices.
“The information we collect will help us identify factors that contribute to the high cost of prescription drugs and improve oversight of the drug industry to the benefit of New Jersey consumers," said Cari Fais, acting director of the Division of Consumer Affairs.
New NJ drug price registry
State officials will then publish that annual report about emerging trends for the public to see on the website of the newly created Drug Affordability Council.
The council will then take that information and recommend new laws and policies to further lower prescription medication prices.
New Jersey residents can also use the Division of Consumer Affairs prescription drug price registry to research alternative medicines that could cost less. The registry will be more regularly updated with this new data.
The registry is available online here: www20.state.nj.us/LPSCA_DRUG/index.jsp
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