KEI Testifies in Maryland on Drug R&D Cost Transparency Bill (HB666/SB437)
James Love and Andrew Goldman represented KEI on March 16, 2017, in a working group meeting of a subcommittee of the Maryland General Assembly House of Delegates Health & Government Operations Committee, where they testified on HB666/SB437, a bill that would establish transparency of R&D costs for prescription drugs sold in Maryland.
Vincent DeMarco of at Health Care for All! and Dr. Reshma Ramachandran of the Johns Hopkins Bloomberg School of Public Health also testified at the hearing.
Andrew Goldman presented on how transparency information can be used to create estimates of the costs of individual phases of clinical trials, which could then be compared to the claims made by drug companies. He used the example of Spinraza, a drug that benefited from taxpayer funding and is now sold by Biogen for a price of $750,000 for the first year and $375,000 for every year after.
James Love provided the members of the committee with information on how companies report R&D costs in their SEC filings, explaining the variety of information that companies disclose to investors.