Nevada cracks down on drug prices with new transparency law

Nevada became the latest state to take on drug pricing when Gov. Brian Sandoval signed a bill that makes diabetes drugmakers disclose more information about why they raise prices, per Business Insider. The state is one of 23 to propose pricing legislation, a number that is rising as Congress keeps mum on the issue.

Why it matters: Americans pay more for prescription drugs than anyone in the world. Maryland was the first to tackle this issue at the state level, passing a law last month, and Nevada is next. Others will likely follow suit if Congress does not act.

The details: Nevada's new law tries to make drug pricing more transparent. Under new regulations, drugmakers will have to disclose production costs, and the middlemen who negotiate price rebates will have to do so in the open. The Nevada law focuses specifically on diabetes drugs, as insulin prices have shot up by 300 percent over the last decade.