New bill introduces Prescription Drug Affordability Board in Colorado
COLORADO SPRINGS, Colo. (KRDO) -- There could be relief on the way for Coloradans with expensive prescription drugs.
Gov. Jared Polis has announced his support for the introduction of legislation establishing the Prescription Drug Affordability Board. The affordability board would set upper payment limits for prescription drugs that meet certain cost increase thresholds. These payment limits would apply to all purchasers in the state, but will only be placed on the highest-cost drugs, with purchasers continuing to be able to negotiate rates for the vast majority of drugs.
Too many Coloradans skip doses, stretch the length of their prescriptions, or delay filling prescriptions because they simply cannot afford them. As established in the bill, the prescription drug affordability board will convene a panel of experts to investigate prescription drug cost increases, and set guardrails on cost increases for the most expensive prescription drugs in the state.
The board will collect and evaluate the data necessary to review the affordability of prescription drugs and make policy recommendations to legislators. The board will be made up of nonpartisan, unpaid experts who are free from conflicts of interest.
In a statement, Governor Polis said, “Prescription drugs cost too much and Coloradans are sick and tired of being ripped off. This bill is an important step toward our goal of saving people money on health care.”
A recent poll from the Colorado Consumer Health Initiative found that 77% of Coloradans supported the idea of establishing a prescription drug affordability board to analyze and act to lower the cost of certain prescription drugs and this bill seeks to answer their call and do just that.
The bill's sponsors include state Senators Julie Gonzalez and Sonya Jacquez Lewis, and state Representatives Yadira Caraveo and Chris Kennedy.
