Addressing a critical industry challenge
With the rising cost of prescription drugs, many states in the US began creating legislation to increase drug price transparency. These laws often establish thresholds for price increases and varying reporting requirements around WAC, AMP, R&D costs and price increase justifications.
As a result, our clients face operational complexity due to the varied requirements imposed by each state and often face fines for non-compliance with these reporting requirements. For example, reporting criteria often have varying submission frequencies and can require submission to different entities, such as health departments, attorney generals, insurance commissioners or others.
A streamlined solution: The Marbls State Price Transparency app
Our US State Price Transparency app provides our clients with the consolidated information they need for quick references related to State Price transparency guidelines and policies that can augment their understanding in discussions with legal counsel or internal compliance.
The app aggregates the legislative requirements of each state and enables analysts and manufacturers to access all current and upcoming business reporting requirements. Users can find detailed information on specific reporting and submission requirements by state, plus information on requirements that may be forthcoming. Updated bi-monthly, the app also provides current information on legislative activity.
Key app features
- View how many laws each state has around price transparency
- Understand price threshold rules, cost submissions and other information required by the state
- Link to state portals and data submission guides to ease the burden of reporting
- Search for active or pending legislation across various criteria
- Search by generic manufacturers, therapeutic class (e.g. diabetes), price rules and penalties
- Most current submission templates for all states that require reporting
- Ability to hold your specific product and WAC price information required for all state submissions across 100+ fields
Analyze Impacts of Potential WAC Price Changes
- Define sensitivity ratings for states based on your internal compliance guidelines
- Perform What-If analysis on your WAC price increases to help determine what state reporting will be triggered