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Connecticut, Massachusetts leaders work to cap the cost of prescription drugs in both states
Updated 12:40 PM;
State lawmakers in Massachusetts and Connecticut will weigh similar legislation designed to control the price of prescription drugs and protect patients in each state from rising costs.
Massachusetts Gov. Charlie Baker and Connecticut Gov. Ned Lamont on Tuesday detailed the drug-pricing plan included in separate but virtually identical provisions in bills that will be taken up by each state’s legislature.
The legislation would impose a penalty on drug companies equal to 80% of the price increase above the consumer price index, plus 2%, both governors said. Baker administration officials say the cap, which applies to both generic and brand drugs, will help consumers plan for the costs and limit the growth in drug prices beyond affordable levels.
CT pushes for prescription drug price control
Julia Bergman
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Connecticut and Massachusetts worked together early in the coronavirus pandemic to institute similar restrictions to keep their residents safe, and later to reopen their economies and lift stay-at-home orders.
Now, Govs. Ned Lamont and Charlie Baker are hoping to lead the country in addressing one of the major underlying costs of health care: prescription drug prices.
The governors hosted a joint news conference Tuesday to discuss similar legislation they have proposed in their states, which, they said, would protect consumers and hold drug manufacturers accountable.
Lamont’s two-year budget plan proposes capping annual increases in the cost of prescription drugs. Under the governor’s proposal, yearly hikes would be limited to the rate of inflation plus 2 percent. Drug manufacturers that exceed that amount would be fined, and that money would in turn be used to support subsidies for health cove
Innovation isn’t helpful if we can’t afford it
In response to Paul Pescatello’s opinion, (Connecticut price controls will stifle biopharma innovation), Connecticut residents desperately need the Governor’s bill, HB 6447, to limit out-of-control drug price hikes. The bill isn’t price control; it’s a small step that balances innovation with affordability.
Jay Gironimi
Anyone who says you can’t put a price on human life hasn’t been to the pharmacy. Drug prices are too high, and those prices are being set not by hopes of therapeutic innovation, but in deference to shareholder value.
Pharmaceutical companies are not the only ones at fault here. As premiums and deductibles continue to rise, I don’t see any health insurers on the breadline. But simply because they don’t shoulder all the blame, doesn’t mean they don’t deserve some it.
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