MONTPELIER, Vt. (NEWS10) – Vermont Governor Peter Shumlin signed a law to make Vermont the first state to require prescription drug price transparency.
According to the governor’s office, insurers will be required to provide Vermonters with information about how much drugs will cost out of pocket.
Heath care regulators will also have to provide a yearly list of the top 15 drugs that have yielded the highest price increase.
“This bill is about accountability,” Gov. Shumlin said. “The reality is that we have pharmaceutical companies raising prices on lifesaving drugs five thousand percent. When asked about those outrageous increases, CEOs are literally laughing in front of Congress. That needs to change.”
The bill was a response to Turing Pharmaceuticals’ former CEO Martin Shkreli increasing the price of Daraprim, a lifesaving drug, from $13.50 a pill to $750 a pill earlier this year.