RICHMOND, Va. (WRIC) — All eyes are on Gov. Glenn Youngkin as some stakeholders are urging him to veto bills to create a board that would review the cost of certain prescription drugs.
Two bills, one in the House and one in the Senate, would create a Prescription Drug Affordability Board for Virginia. The board would have the power to cap the price of medications if it determines companies are charging more than necessary.
“This is an exciting opportunity to see real savings for Virginians who are facing the unconscionable decision between having food on the table, or a roof over their head, or the drugs they need to stay alive or to stay healthy,” said Del. Karrie Delaney (D-Fairfax), who authored the House version.
However, not everyone thinks the board is a good idea. The Virginia Biotechnology Association sent a letter to Youngkin urging him to veto the bills, saying they would “stifle necessary investments in continued research and development, threatening the ability of Virginia biotechnology companies to bring new medicines to market.”
Delaney said she disagrees with the assessment, stating that many pharmaceutical companies spend more money on marketing than producing the actual drug.
“If these companies come to the board and they are able to demonstrate that the rising costs that we are seeing [are] directly correlated to the innovation of some new and important drug, then that cost will not be impacted,” Delaney said.
However, the association said the bills could also impact whether or not Virginians have access to drugs currently on the market.
“The artificial setting of prices and reimbursement limits would make it unfeasible for certain drugs to be sold in Virginia, reducing the availability of critical therapies that Virginians rely on to stay healthy,” the association said.
Delaney said she believes that’s unlikely.
“[The idea] that somehow these companies would pull out of the market to take no profit over less profit — I think [it’s] absolutely fear-mongering.”
A spokesperson for Youngkin wouldn’t say whether or not Youngkin has reviewed the letter. However, he did tell 8News that Youngkin “will review any legislation that comes to his desk.”
