HB 4409, the “Drug Manufacturer Data Reporting Act” was introduced recently by Rep. Steckloff (D-MI-19), as an attempt to seek more transparency and control of drug prices. The bill would require biotech/pharma companies to provide information on a range of expenses including R&D, marketing, clinical development, whether and how much the company received in federal funds to support a drug’s development, and more.
MichBio provided a letter of testimony opposing the bill a recent House Health Policy hearing. In addition, to placing a burden on large pharmaceutical companies with marketed drugs, it would also encumber early stage biotechs with administrative and accounting oversight that would greatly detract from their R&D efforts. Moreover, as the letter points out, the legislation would not realize its intent of lowering drug prices for patients.