CARSON CITY, Nev. (AP) – Aiming to rein in soaring prescription drug prices, an unlikely Nevada coalition is trying to force pharmaceutical companies to disclose how they set insulin prices – and issue refunds to diabetics or their insurance companies if annual price hikes surpass inflation.
Las Vegas casino owners have banded together with their employees’ unions of cooks, servers and other resort workers to support the unprecedented legislation in their effort to control their own medical insurance costs.
The bill expected to face its first vote in early May would attempt to cap how much employers, insurers and corporate middle men pay for insulin, which is injected to manage blood sugar levels. Lawmakers also hope the bill would cap what diabetics pay out of their own pockets near their current cost levels – typically between $50 and $600 per month, depending on diabetics’ insurance coverage.
It remains far from clear that the bill, if passed, would survive legal challenges or have the intended effect. But it would make Nevada the first U.S. state to force detailed release of drugmakers’ proprietary information and effectively establish a price control on prescription drugs via the refund plan.
The bill is expected to pass in both houses of Nevada’s Democratic-controlled Legislature. Republican Gov. Brian Sandoval, in an interview with The Associated Press, did not rule out signing it.