Rite Aid Corporation (NYSE: RAD) today released the following statement praising the passage of the Patient Right to Know Drug Prices Act (S.2554) and the Know the Lowest Price Act of 2018 (S. 2553) by the U.S. House of Representatives. Passed in the Senate earlier this month, these bills prohibit so-called gag clauses, which restrict pharmacists from telling patients they could save money by paying the out-of-pocket cash price instead of using their insurance.
Rite Aid applauds Congress for passing the Patient Right to Know Drug Prices Act and the Know the Lowest Price Act of 2018. S. 2554 applies to private plans, while S. 2553 addresses patients covered under Medicare Part D and Medicare Advantage plans. Together, these bills will prohibit restrictions that prevent pharmacists from informing their patients about the cash price of a prescription drug, which may be less expensive than using their insurance benefit.
We thank U.S. Senators Susan Collins, Claire McCaskill and Debbie Stabenow and U.S. Representatives Buddy Carter and Lloyd Doggett for their leadership on this important issue, and we encourage the President to sign these bills into law.
Rite Aid Corporation is one of the nation’s leading drugstore chains with fiscal 2018 annual revenues of $21.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.