An Introduction to State Drug Price Transparency Laws
William Sarraille, Partner, Sidley Austin
April 29th, 2021
2:00 PM – 3:00 PM EDT
Earn CLE credits*
(*pending final approval)
Since 2017, at least eighteen states have adopted state price transparency laws aimed at addressing what state legislatures describe as the “high” and “rising” cost of prescription drugs, and many more states have similar laws pending. These state price transparency laws typically require pharmaceutical manufacturers to submit certain pricing information and cost data related to their products and impose significant fines on those manufacturers that fail to fully comply with such reporting requirements.
The nature of state price transparency laws creates a number of compliance challenges for manufacturers. First, the reporting requirements vary by state, which poses problems for manufacturers who wish to report consistent information while adhering to the particular requirements of each state. Furthermore, the quickly evolving nature of state price transparency laws means that new guidance is regularly issued through various mediums, which can be difficult for manufacturers to track given the sheer volume of state price transparency laws with which they are expected to comply. Finally, many laws require state agencies to publish the information submitted by manufacturers, which creates difficulties for manufacturers who wish to comply with applicable law without sacrificing information they consider to be protected as a trade secret.
This webinar aims to provide an overview of the current state price transparency regime and highlight common compliance challenges manufacturers face in drafting their reports. The webinar will also discuss recent enforcement trends and offer strategies for manufacturers to consider as they work to keep pace with this rapidly developing area of law.
Top Reason to Attend
- Provide manufacturers with an overview of current state drug price transparency laws and discuss typical reporting obligations with which manufacturers must comply.
- Discuss the consequences of non-compliance and assess the risks manufacturers may face depending on their reporting strategy.
- Key compliance challenges manufacturers typically face in complying with state price transparency laws and offer strategies to address such challenges.
- Implications associated with the potential publication of information that manufacturers consider to be a trade secret and evaluate arguments that have raised to prevent such publication.
- Recent enforcement trends and offer predictions as to how the enforcement landscape may continue to develop over the coming months.