Understanding Oregon’s 2024 Prescription Drug Price Transparency Report

Prescription drugs are a powerful tool to increase quality of life and improve health outcomes. In Oregon, however, the cost of prescription drugs often becomes a financial burden. Many Oregonians forgo other necessities in order to cover the cost of needed medication, leading to negative health outcomes in the long run.

Every year since 2018, Oregon’s Drug Price Transparency Program has reported to the Oregon Legislature on the rising prices of prescription medication. The report is an important tool in holding drug companies accountable for inexplicable and excessive cost increases. The report details where, why, and for what the cost of prescription medication is increasing and offers some recommendations to improve reporting and lower costs.

What the 2024 Report Found

Although reporting varied substantially in 2024 and many drug manufacturers were reluctant or refused to release price increase information, the 2024 report found that many recent trends continued. 

1. The drug with the highest cost was Humira, which is used to treat inflammatory conditions. According to the report, health insurance companies reported spending more than $53.2 million on Humira alone in 2024. Humira has held the position of most costly prescription drug in every report for the last six years. 
2. Cancer medications were the most common new drugs reported. These include chemotherapy drugs and adjunctive therapies, such as chemotherapy and radiation therapy, which were the most common new category of drug reported, continuing the trend of previous reports.
3. In addition, the most expensive new drugs were Beqvez™, a treatment for hemophilia B, at $3.5 million, and Lyfgenia™ and Casgevy™, which are treatments for sickle cell disease, at $3.1 million and $2.2 million respectively. 

The Future of Drug Price Transparency in Oregon

Although price transparency is an important aspect of any acceptably-functioning market, Oregon’s Drug Price Transparency Program is under attack. A 2024 lawsuit brought by a group of some of the nation’s largest pharmaceutical research companies hindered the Drug Price Transparency Program’s ability to gather data. The court ruling suspended the requirement that drug companies report price increases to the program. A coalition we’re a part of submitted an amicus brief supporting the program. 

The program is currently unable to gather some data about generic versus brand name drugs, drug price increases due to inflation, or basic tracking of trends over time. The program is continuing to reach out to drug companies to try to collect the information despite the ruling, which emphasizes the board’s commitment to transparency despite push back from corporate interests. 

The future of drug price transparency in Oregon will depend on the outcomes of the legal proceedings. The collective efforts of legislators and the public are crucial to ensure that pharmaceutical companies and manufacturers are held accountable for unreasonable price hikes.