March 8, 2019
Salem — The Department of Consumer and Business Services is ready to hear about prescription drug price increases from consumers, health insurance companies, and drug manufacturers.
The Prescription Drug Price Transparency Act (HB 4005), from the 2018 Legislative Session, established Oregon’s drug price transparency program. The new law requires prescription drug manufacturers and health insurance companies to report specific drug price increases to the department’s Division of Financial Regulation.
The program staff are ready to hear from consumers as well.
All Oregonians are encouraged to report an increase in the cost of their prescription drugs to the division one of three ways:
We are excited to bring one of the nation’s first prescription drug price transparency programs to Oregonians,” said Andrew Stolfi, insurance commissioner. “It will help people better understand why drug prices increase, and help legislators make informed decisions on how to control rising costs.”
Consumer reports and the pricing of new prescription drugs will be made available as soon as information is received and reviewed. Insurer and drug manufacturer price increase reports will be available later this fall.
The division will provide annual reports to Oregon State Legislature based on the information provided by consumers, and the data reported by health insurers and prescription drug manufacturers.
This program is designed to report drug price increases only. If a consumer has a problem with their health insurance or prescription drug coverage they should contact our consumer advocates at 888-877-4894 (toll-free). To learn more about Oregon’s Prescription Drug Price Transparency Program, visit dfr.oregon.gov/drugtransparency.
About DCBS: The Department of Consumer and Business Services is Oregon's largest business regulatory and consumer protection agency. For more information, go to www.dcbs.oregon.gov.
About Oregon DFR: The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit www.dcbs.oregon.gov and www.dfr.oregon.gov.