Weekly Policy Update: HB-1358 Dies in Committee and Ongoing Transparency Advocacy
By: Colorado BioScience Association Date: 04/27/2018
Advocating at the Capitol
Today, April Giles, CBSA president & CEO testified in the House Health, Insurance, & Environment committee in opposition to HB18-1358 – Health Care Charges Billing Required Disclosures. The billed died in committee with a vote of 12 – 1.
The bill would have required health insurance carriers to disclose “prescription drug prices” on a website, which includes the prices negotiated, net of rebates and discounts. The concern is that the disclosures force businesses to disclose confidential and sensitive information without any protections – which could lead to higher drug prices for Colorado patients, employers and insurance plans. In fact, the Federal Trade Commission (FTC) and The Congressional Budget Office (CBO) have defended the importance of protecting confidential negotiations between payers and manufacturers for this reason.
CBSA applauds the committee and legislators for voting against HB18-1358. CBSA is committed to ensuring patients have access to therapies and needed medicines. There is a reason why more than 720 bioscience companies call Colorado home. The unintended consequences of House Bill 1358 would have made the marketplace less competitive and less responsive to patients. To learn more about CBSA’s position you can read our testimony here.
CBSA continues to advocate against House Bill 1260, Prescription Drug Price Transparency. The bill could stifle bioscience innovation in Colorado and harm patients. On Monday, April 30th, CBSA will testify in opposition when it is heard in the Senate Veteran & State Affairs Committee. CBSA continues to advocate and ensure that legislators are aware that this policy if passed would jeopardize Colorado’s thriving bioscience community. For more information on CBSA’s position on True Transparency and this bill click here.