State Legislative Update
As the FY2022 Budget process begins to wind down, members of the General Assembly Financial Institutions and Insurance Committee heard testimony on A-2418, legislation authorizing a Prescription Drug Affordability Board to enact price controls on certain prescription treatments. In a letter to Committee Chair John McKeon with Committee members in copy, BioNJ President and CEO Debbie Hart argued against A-2418. ”With little evidence that Patients will benefit, these price controls look to penalize the biopharmaceutical industry – where true innovation is happening – rather than taking a systemwide approach to lower Patient out-of-pocket costs,” Hart said in the letter. There are right ways – such as recent legislation to create a reverse auction and out-of-pocket caps – to address Patient out-of-pocket costs. A Prescription Drug Affordability Board is the wrong way, and we look forward to working with our legislative leaders to enact commonsense policies that support innovation and Patients.
