Pharmaceutical executive John Klein serves as the chairman of Cambridge Therapeutics in New Jersey. In this capacity, he leverages more than two decades of experience in the pharmaceutical industry to set Cambridge Therapeutics’ strategic direction. To enhance his experience, John Klein stays abreast of state news that relate to the field.
A bill sponsored by Senator Troy Singleton was recently approved by the New Jersey Senate health committee that would bring more transparency to pharmaceuticals marketed and sold in the state, thus helping Garden State residents reduce their medication expenses.
Over the last several years, the rising costs of medication has become a major concern for many Americans. Reports from the New Jersey Health Care Quality Institute stated that drug prices rose 27 percent between 2012 and 2016, while overall healthcare spending only rose 18 percent in the state and 15 percent nationwide. Subsequently, Garden State hospitals have had to double budgets for pharmaceuticals between 2008 and 2017, as well as increase per-patient costs by an average of 132 percent.
Under the proposed bill, a public website would be created that listed specific drugs, along with information about their generic status, brand, and dosage. The per-unit wholesale cost of the medication would also be included on the website. Furthermore, pharmaceutical manufacturers and marketing agencies will be required to submit quarterly updates on pricing details to the State Board of Pharmacy. Companies that fail to do so will be fined between $200 and $20,000.