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Aug 20, 2024
This story was originally published in Colorado Politics.
As lawmakers our first responsibility is to the Coloradans we are so privileged to represent. It’s our job to listen and to learn, to take their concerns to the State Capitol building, and to do our best to address them and make their voices heard. One issue that consistently arises in our conversations with our constituents is the skyrocketing costs of prescription medications. One-in-three Coloradans struggle to afford the medications they need to stay healthy. More than 53% of Coloradans are worried about the increasing costs of prescriptions, and on average Colorado patients are paying 65% to 85% more for their prescriptions than people in other countries.
That’s why in 2021, we were proud to sponsor Senate Bill 175 to create the first-in-the-nation Prescription Drug Affordability Board (PDAB). The PDAB is charged with reviewing the costs of eligible prescription medications and conducting an affordability review to determine whether or not they are unaffordable for Colorado patients. If our coard determines a drug is unaffordable, the board then has the option to set an upper payment limit for the medication. This robust public process is based on the examination of 15 factors and extensive input from Colorado patients, providers, advocacy groups and drug manufacturers who can provide testimony at every step. It’s estimated the PDAB could save Coloradans as much as 75% on the costs of the most unaffordable medications. For the first time, our state has a mechanism to take on Big Pharma and lower the price of prescription medications.
The board is now celebrating a major milestone, having completed an affordability review of the first five medications. After a thorough review, three of these medications — Enbrel, Stelara and Cosentyx — were found to be unaffordable. These drugs are essential for Coloradans suffering from everything from rheumatoid arthritis to plaque psoriasis. The board will now have the opportunity to decide if an upper payment limit should be set to ensure the people who rely on these drugs can actually afford to access them.
This is a major and significant step in our work to ensure no one has to choose between affording the medications they rely on and keeping the lights on or a roof over their head. That’s not to imply this victory wasn’t hard fought. Big Pharma has launched a large-scale and well-funded effort to prevent the PDAB from attempting to rein in their exorbitant prices. This included shameful threats to pull out of Colorado or limit desperate patients and their families’ ability to access critical medications, even while the pharmaceutical industry continues to rake in record profits.
The reality is prescription medication costs in the U.S. continue to rise faster than the rate of inflation. Johnson & Johnson’s Stelara brought in nearly $11 billion in 2023, after raising the price for a single syringe by more than $650. Cosentyx made $5 billion for Novartis, which raised the price of the drug 7.6% in 2023 on top of a 7% hike in 2020. Johnson and Johnson’s chief executive was paid more than $28 million in 2023, while the Novartis CEO got a 21% pay increase, bringing his salary to $15.3 million in 2023. This price gouging and profiteering is taking place at the expense of patients who rely on these drugs to function, to work and sometimes even to live.
We all know drugs don’t work if people can’t afford them. The PDAB is our best tool to start working to reduce the costs of prescription medications and ensure Colorado patients have a champion in this fight. In fact, a bipartisan 71% of Coloradans supported the creation of the PDAB. But we know the challenges from Big Pharma won’t stop and there will continue to be efforts to disrupt the work of this board — because it’s working.
That’s why Big Pharma is pulling out all the stops, and will continue in coming years to drive efforts to chip away at the PDAB’s purview and authority. The PDAB is hitting major milestones and doing its job. Now as lawmakers, we must continue to do ours and fight for what’s best for Colorado patients and our constituents and ensure the PDAB hits many more milestones to come.
Sen. Julie Gonzales serves north, west and downtown Denver representing Senate District 34. Sen. Sonya Jaquez Lewis serves Senate District 17, which includes eastern Boulder County and southwest Weld County, home to Longmont, Lafayette and Erie. Rep. Chris deGruy Kennedy represents House District 30, which includes eastern Lakewood and Edgewater in Jefferson County.