SPRINGFIELD – With health care costs skyrocketing and drug manufacturers making billions in profit, State Senator Graciela Guzmán is carrying key legislation to create price caps for drugs in Illinois.
“Price should never be an obstacle to health care,” said Guzmán (D-Chicago). “Taking advantage of sick people who are in need of medication for profit is condemnable and we must put a stop to this practice.”
Senate Bill 3496 is an initiative to create a Prescription Drug Affordability Board in Illinois. This group would be tasked with identifying high cost drugs for consumers, conduct affordability reviews on said drugs and decide whether to limit the price of those drugs for the consumer.
According to Citizen Action Illinois, Illinois could be saving $190 million dollars on prescription drugs if the PDAB were to adopt current Federal price caps. Under federal law, the government can set and negotiate Medicare Maximum Fair Prices for certain drugs. Eleven states including Colorado, Maine, Maryland, Minnesota, Massachusetts, New Hampshire, New Jersey, New York, Oregon, Ohio and Washington have adopted their own PDABs.
A new report from the AARP Public Policy Institute found that the top 25 name brand drugs in the US have increased in price by an average of 81%since they entered the U.S. market. This has occurred while prices for the same drugs have fallen by 13%in 19 other high-income countries. Meanwhile drug manufacturers have raked in record profits.
“In the struggle for Universal Healthcare, one of the first steps is bringing costs down for consumers so they feel immediate relief,” said Guzmán. “Our health care system in dysfunctional and there are price barriers up and down the marketplace, the Prescriptions Drug Affordability Board will help stem the worst abuses in our state.”
Senate Bill 3496 awaits further consideration.
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