A bill that would create a board for prescription drug affordability passed 10-5 across party lines in the Senate Commerce and Labor Committee on Monday evening.
The bill, carried by Sen. Creigh Deeds, D-Charlottesville, directs the governor to appoint members of the General Assembly, alternate members and a stakeholder council to conduct an affordability review of drug products annually. The board would have the power to review the cost of certain drugs and try to negotiate with pharmaceutical companies to bring costs down.
“Two-thirds of Virginians are regularly taking prescription drugs and a similar two of every three Virginians worry they won’t be able to afford their medicine this year,” Deeds said.
Sen. Bill Stanley, R-Franklin County, endorsed the bill, saying that people in Southside and Southwest Virginia have a per-capita family income of about $38,000.
“There are people that are making a decision of whether to pay for medication or pay for the food for their children or put shoes and socks on their feet. That’s not right,” Stanley said.
Nine people spoke in support of the bill, including representatives of Virginia AARP, a physician assistant and a 73-year-old retiree who said he takes Skyrizi for cerebral psoriasis and has a copay that reaches $8,000 for his regular injections.
Those who opposed the bill said that prescription drug affordability boards rarely succeed in lowering the price of prescription drugs. Scott Johnson with the Virginia Biotechnology Board said that lowering the cost of certain drugs could jeopardize Virginia’s ability to compete with other states like North Carolina.
Ethan Betterton with the Virginia Chamber of Commerce also opposed the bill, saying that the legislation would impact the development of the pharmaceutical industry in Virginia.
“It is something we’re trying to grow,” Betterton said.
Sen. Mark Peake, R-Lynchburg, said that he wasn’t a fan of the bill, but that he thought something needed to be done about prescription drug prices. He voted for it.
“I don’t know if this is the right way or not, but we also had this bill last year. We passed it out of the Senate. […] So I’m not a big fan of this bill, but I want to see something done because people in my jurisdiction are paying too much for prescription drugs,” Peake said.