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Colorado takes on high prescription drug costs with plan for drug affordability board

Unable to set prices, the state, like many others, is exploring legislative and administrative approaches to cut out-of-pocket costs on medications. ....

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Colorado Lawmakers Wage Multifront Assault On High Drug Costs

Colorado BioScience Association warned that setting payment limits could reduce the funding available for new pharmaceutical discoveries.
“If passed, this bill will create unpredictability for the startups and development-stage companies in Colorado’s life sciences ecosystem, making it harder for them to raise funds,” said Jennifer Jones Paton, the group’s president and CEO. “Investors will look elsewhere for opportunities.”
Nonetheless, the bill is expected to pass. Proponents said it’s unlikely a manufacturer could carve out specific drugs or states from its supply chain and pointed out that drug companies already sell their highest-cost drugs at lower prices to Medicaid, community health clinics and charity hospitals. ....

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Colorado lawmakers wage multifront assault on high drug costs

Colorado lawmakers wage multifront assault on high drug costs
Tired of waiting for federal action to reduce prescription drug costs, Colorado is acting on its own even if it must do so with one arm tied behind its back. Unable to set prices or change patent protections, the state is exploring creative legislative and administrative approaches to lower out-of-pocket costs on medications.
While none of the efforts alone would result in broad-based, deep cuts, state officials estimate the combined impact of the various measures could save Coloradans between 20% and 40% in out-of-pocket costs.
That s why it s so important to have a variety of levers, said Kim Bimestefer, executive director of the Colorado Department of Health Care Policy & Financing. You start stacking all these up, and it s remarkable how much we can drive down the cost. ....

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Stakeholders weigh in on Colorado's prospective Rx affordability board - State of Reform

Colorado’s bill to create an affordability board to reduce the price of prescription drugs passed the Senate with a 19-16 vote last week after contentious debate in the chamber.
The bill’s supporters including most state Democrats and state entities like the Colorado Department of Health Care Policy and Financing say the board’s establishment of upper payment limits for certain high-cost prescription drugs will make critical medications significantly more affordable for Coloradans.
Opponents including conservative state lawmakers and pharmaceutical companies have repeatedly countered these claims, saying the board would interfere with the prescription drug market and wouldn’t actually benefit consumers. ....

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