New state legislation will increase prescription drug affordability, Murphy says
On Monday, Gov. Phil Murphy (D-N.J.) announced the introduction of four bills into the New Jersey Senate that seek to increase the affordability of prescription drugs, according to a press release.
If passed, one of the bills will limit how much residents on state insurance plans can pay out of pocket for insulin, asthma inhalers and epinephrine auto-injectors.
Murphy said the plan will allow residents on state plans to obtain epinephrine auto-injectors for $25 or less, asthma inhalers for $50 or less and a month's supply of insulin for $35 or less, according to an article by NJ Advance Media.
Approximately one-third of all New Jersey residents use state insurance such as the School Employees’ Health Benefits Program or the State Health Benefits Plan, according to the article.
Another bill increases oversight of pharmacy benefits managers who negotiate drug prices with manufacturers while a third bill allocates funds for the New Jersey Division of Consumer Affairs to investigate and report price trends in the prescription drug market, according to the release.
The fourth bill will allow New Jersey to enter a purchasing pool with other state governments where they can jointly negotiate Medicaid drug prices with manufacturers.
“Lowering the cost of prescription drugs is a critical component of our broader health care affordability efforts, and today we are taking a major step forward for both short and long-term affordability,” Murphy said.
