June 11, 2009 – All pharmacies are hereby notified that the deadline for submitting the first installment of the prescription price list has been extended to June 22, according to a press release from the Department of Licensing and Consumer Affairs. Pharmacies on all three islands will be given an extra week to submit their prescription price lists to DLCA.
After presentation of the first price list, retailers must continue to submit an updated price list on the first of each month beginning Aug. 1. If a retailer has not changed its prices or acquired new products or services, they can submit a letter certifying that the previous price list turned in is still valid. Retailers can opt to submit price list information electronically on a compact disc to DLCA. Failure to submit a price list or certification letter by the first of each month will result in penalties as prescribed by law.
“The price lists will be used as data for DLCA to conduct a prescription survey, similar to the food basket and gas survey. The prescription survey will provide consumers, specifically those who may not have health insurance coverage or are on a fixed income, with price information on specific medications. This initiative is one that DLCA is eager to put into practice. Assisting, Educating and Protecting Consumers is an ongoing mission for DLCA,” said DLCA Commissioner Wayne Biggs.
A meeting was held on Tuesday, May 26, on St. Thomas and Wednesday, June 10, on St. Croix following the distribution of notification letters to all pharmacies. “The meetings held on each island were very productive. The department is approaching this initiative as a partnership. We wanted to meet with, inform, and listen to the questions, comments, and concerns of the pharmacies before any enforcement take place,” said Biggs.
Pursuant to Title 12A, Section 123(a), of the Virgin Islands Code, each drug retailer shall prominently post a list of the prices of the one hundred prescription drug products that had the highest volume of retail sales by such drug retailer during the previous year. The posting for each drug shall list the drug product under its established name and its proprietary name and shall contain the lowest price at which the drug is offered for sale by the retailer for a quantity in which the drug product is most commonly dispensed.