Senate gives unanimous initial approval to Sen. Reny bill to reduce prescription drug costs and strengthen the Prescription Drug Affordability Board
AUGUSTA — On Thursday, May 29, the Maine Senate voted unanimously in support of 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.” This bill, sponsored by Sen. Cameron Reny, D-Bristol, aims to strengthen the Maine Prescription Drug Affordability Board and reduce prescription drug costs. The vote was 35 to 0.
“Prices for prescription medications have been too high for too long, particularly for older Mainers, those with disabilities, people with chronic illness and lower-income families,” said Sen. Reny. “Maine peoples’ health is not a commodity, and we don’t deserve the current price gouging from drug companies. We deserve access to affordable medications and should not have to choose between our health and financial stability. I appreciate the Senate’s support for this bill to help strengthen the Prescription Drug Affordability Board and reduce prescription drug prices.”
If enacted, 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 would be prohibited from paying any more than the Medicare negotiated price for drugs, incentivizing lower cost drugs in Maine.
LD 697 now faces additional votes in the House and Senate.
Sen. Reny represents Maine Senate District 13, which includes most of Lincoln County and the towns of Washington and Windsor.
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