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Weekly Policy Update: Drug Price Transparency Bills Introduced in the House and Senate
Over the past week, state legislators have introduced two drug price transparency bills that could impact our life sciences community. The first bill (SB20-107) was introduced in the Senate by Sen. Joann Ginal and requires manufacturers to report production costs for the 20 highest-cost drugs per course of therapy and the 20 highest-cost drugs by volume. CBSA is opposing Senate Bill 107. We have significant concerns with the specific information companies would be required to report in this bill. There is no way for companies to provide this level of drug-specific information, particularly when we consider requirements in the bill for companies to single out things like R&D costs for one drug product.
CBSA will continue to share our concerns about this bill with legislators in the coming weeks. The bill is scheduled for a hearing in the Senate Health & Human Services Committee on February 6th.
The second transparency bill (HB20-1160) was introduced in the House this week by Rep. Dylan Roberts and Rep. Dominique Jackson. It requires health insurers, prescription drug manufacturers, PBMs, and nonprofit organizations to report certain information about the costs of prescription drugs to the Commissioner of Insurance, who will then analyze the information and submit a report regarding the effects of prescription drug costs on health insurance premiums.
Over the past couple months, CBSA has provided comments to the bill sponsors and worked to secure critical changes for our members. While we’ve seen notable improvements since the first draft, we still have significant concerns, including the need for stronger confidentiality protections for the information reported to the Division of Insurance.
As a result, CBSA is opposing this bill unless amended. We will continue to weigh in with the bill sponsors and work with our members and partners to improve the bill as it moves forward.
Throughout the session, CBSA will keep you updated on the bills impacting our community. If you have questions or concerns, please let us know. We welcome your feedback. Contact CBSA Vice President Emily Roberts at Eroberts@cobioscience.com.
Join Us for CBSA’s Day at the Capitol
Join us for CBSA’s annual Day at the Capitol on February 4th to learn how CBSA champions policies that support our life sciences ecosystem and the patients we serve. It’s a chance to connect with other innovative companies and talk to state policymakers about how they can support and grow life sciences in Colorado.
Learn more about the event and register today!
Stay up to date with what is impacting the life sciences community during the session.
