(March 8) – A bill to increase drug price transparency, a key component of the House Democrats’ agenda to control soaring healthcare costs, made a successful debut today in the House Health, Insurance & Environment Committee.
“Coloradans should never have to consider forgoing a drug because of its exorbitant, unjustified and unexplained price tag,” Rep. Joann Ginal, D-Fort Collins, told the committee. “It’s our duty to better understand these prices to better safeguard our constituents and ensure that Coloradans are being treated fairly.”
Under HB18-1260, sponsored by Reps. Ginal and Dominique Jackson, D-Aurora, pharmaceutical companies would be required to provide 90 days’ warning to the public when they significantly increase the price of a drug. Health insurance companies would be required to post lists of the 25 costliest drugs and pharma companies would have to list the 25 drugs with the highest year-over-year cost increases.
“Public scrutiny will help hold drug manufacturers accountable for out-of-control price increases,” Rep. Jackson said. “This bill will help Colorado families be informed and prepared, rather than be blindsided by budget-busting drug price increases.”
The HIE Committee voted 7-6 this evening to advance the bill to the Appropriations Committee.