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State Senate passes bill that would establish prescription drug affordability board

If signed into law, SB 21-175 would create an prescription drug affordability board that would

COLORADO, USA — The Colorado State Senate has passed a bill that would create a prescription drug affordability review board that would set an upper payment limit for certain medications.

Senate Bill 21-175 is co-sponsored by Sen. Julie Gonzales and Sen. Sonya Jaquez-Lewis, who are both Democrats. Now that it has passed the State Senate, it will move onto the Colorado House of Representatives.

If the bill passes, it would create a review board independent of the state government that would review the affordability of perspective drugs.

>> The video above aired on March 11 about how some Colorado lawmakers have idea to take on prescription prices

The bill, if passed, would prohibit and require the following, after Jan. 1, 2022:  

  • Prohibits any purchase or payer reimbursement for a prescription drug from exceeding an upper payment limit established by the board.
  • Requires all prescription drugs dispensed at a pharmacy and paid for by a carrier during the immediately preceding calendar year.
  • Drug manufacturers that want to withdraw a prescription drug that the board has established an upper payment limit for must notify the commissioner, attorney general and each entity in the state with which the manufacturer has contracted for the sale or distribution of the prescription drug at least 180 days before withdrawal. 

>> Read the full text of the bill here.

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