Sen. Cameron Reny introduces bill to reduce prescription drug costs and strengthen the Prescription Drug Affordability Board
AUGUSTA – On March 13, Sen. Cameron Reny, D-Bristol, introduced a bill to the Joint Standing Committee on Health Coverage, Insurance and Financial Services that aims to strengthen the Maine Prescription Drug Affordability Board and reduce prescription drug costs. The bill, LD 697, “An Act to Direct the Maine Prescription Drug Affordability Board to Assess Strategies to Reduce Prescription Drug Costs and to Take Steps to Implement Reference-based Pricing,” was the subject of a public hearing on Thursday.
“Prescription drug costs have been a persistent issue for many Mainers, particularly our older Mainers, those with disabilities, people with chronic illness, and lower-income families,” said Sen. Reny. “This burden often forces them to make difficult choices, including whether to take lifesaving medicine or save money. Mainers deserve access to affordable medications and should not have to choose between their health and financial stability.”
If passed, LD 697 would add one non-voting member with health data expertise to the Maine Prescription Drug Affordability Board to advise the Board as it considers cost reduction strategies for drug procurement by health care providers, ways to reduce the rate of growth in prescription drug prices, and how to reduce cost barriers for consumers. The bill requires the Board to research a variety of strategies for reducing drug prices and then provide recommendations to the Legislature on the most effective policies for Maine. Among other suggestions, the bill recommends that the Board study the implementation of reference-based pricing, in which MaineCare or other insurers would set a maximum amount they will contribute to a drug’s cost, incentivizing lower cost drug alternatives.
A similar bill, LD 1829, was passed by both chambers of the 131st Legislature but did not receive funding.
LD 697 faces further action in committee.
Sen. Reny represents Maine Senate District 13, which includes most of Lincoln County and the towns of Washington and Windsor.
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