Senate Committee Approves Bill to Establish Prescription Drug Affordability Review Board

Bill seeks to reduce costs and increase affordability of life-saving prescription drugs

DENVER, CO - In today's early hours, the Senate Health and Human Services Committee approved SB21-175, sponsored by Senators Jaquez Lewis and Gonzales, which would establish the Prescription Drug Affordability Review Board.

“No one should have to choose between buying food or the prescriptions they need,” said Senator Sonya Jaquez Lewis, D-Boulder County, a pharmacist and prime sponsor of the legislation. “If we truly want to make healthcare more affordable and accessible for all, then we need to find ways to lower the cost of prescription drugs. This affordability board will set an affordability standard for high-cost drugs so that more Colorado patients can access the medications they need at a price they can afford.”

1-in 3 Coloradans struggle to afford their prescriptions and must skip doses, stretch the length of their prescriptions, or delay filling prescriptions as a result. 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. 

“Prescription drug costs have risen astronomically, forcing patients to ration their medications or forego them all together,” said bill sponsor Senator Julie Gonzales, D-Denver. “This dangerous trend must end -- every Coloradan should be able to maintain their health without breaking the bank. With this bill, we can lower the ever-increasing costs of pharmaceuticals as well as address ongoing health disparities, bringing our state a step closer toward creating a healthcare system that prioritizes patients over profit.” 

The affordability board would be able to 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. 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. 

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.

SB21-175 now moves to the Appropriations Committee for consideration. To track the progress of the bill, visit leg.colorado.gov/bills/sb21-175.