Weekly Policy Update: Colorado Legislative Session Resumes Next Week
By: Colorado BioScience Association Date: 02/12/2021
The Colorado state legislature returns next Tuesday to resume the first regular session of the 73rd General Assembly. Here are a few of the issues CBSA is focused on this session.
Advanced Industries Accelerator Grant Program Funding
CBSA is advocating for a one-time infusion of $10 million for the Advanced Industries Accelerator Grant Program, a proposal that was included in Governor Polis’ stimulus package last fall. The General Assembly’s Joint Budget Committee (JBC) supported this appropriation last month, and we expect it will move quickly through the legislature once they return next week. CBSA also continues to urge the legislature to restore full funding for the Advanced Industries Accelerator Grant Program through the normal budget process.
Prescription Drug Affordability Review Board
State legislators plan to introduce a bill this session to create a state board that would review prescription drug prices and set upper limits for drug reimbursement. CBSA supports the goal of improving the affordability of medicines, but we are very concerned about the state imposing price controls as a strategy to reduce costs. Artificial price controls reduce investment in innovative therapies and disincentivize life sciences companies from developing new, more effective treatments. Instead of price controls, CBSA continues to advocate for affordability solutions like sharing rebates with patients at pharmacy counter, capping out of pocket costs, and promoting value-based arrangements.
Members of the Colorado General Assembly are working on legislation this year that would suspend or eliminate certain state tax credits and exemptions in order to generate revenue for priorities like education. CBSA will advocate to protect the tax credits and exemptions that are critical to our life sciences community, like the state’s net operating loss deduction. Learn more about which tax credits + exemptions are being considered.
CBSA also anticipates legislation focused on consumer data privacy, single-use plastics, right to repair, expanded prescription drug importation, and the Colorado public option.
Throughout the session, CBSA will keep you updated on the bills impacting our community. If you have questions or would like to learn more about CBSA’s advocacy efforts, please contact Emily Roberts.