Sen. Cameron Reny’s bill to reduce prescription drug costs and strengthen the Prescription Drug Affordability Board receives positive committee vote

AUGUSTA – On Wednesday, March 19, the Joint Standing Committee on Health Coverage, Insurance and Financial Services voted to advance LD 697, a bill from Sen. Cameron Reny, D-Bristol, that aims to strengthen the Maine Prescription Drug Affordability Board and reduce prescription drug costs. The vote was 7-6.

“I’m thrilled that the committee demonstrated their support for lowering prescription drug prices by supporting this bill,” said Sen. Reny. “We must work to reduce the burden that outrageous prescription drug prices place on families, older people and all Mainers. I hope the full Legislature will support this bill and affirm that Mainers deserve access to affordable medications without having 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 state-regulated insurers could only pay up to the Medicare negotiated price for drugs, incentivizing lower cost drugs in Maine.

LD 697 now faces votes in the Senate and House.

Sen. Reny represents Maine Senate District 13, which includes most of Lincoln County and the towns of Washington and Windsor.

###