Colorado BioScience Association: Drug Price Transparency and Drug Importation Bills Pass Health Committees

DENVER, Colorado, Feb. 15 -- Colorado BioScience Association issued the following news release:

CBSA was at the Colorado State Capitol again this week to voice our concerns about legislation focused on drug price transparency and prescription drug importation.

House Bill 1160, Drug Price Transparency Insurance Premium Reductions, was heard in the House Health & Insurance Committee on February 12. The bill would require health insurers, prescription drug manufacturers, and PBMs to report certain information about the costs of prescription drugs to the Commissioner of Insurance, who will then analyze the information and submit a report regarding the effects of prescription drug costs on health insurance premiums.

Since we learned about this legislation, CBSA has provided formal comments to the bill sponsors and worked to secure critical changes for our members. In recent weeks, the CBSA team has been working closely with industry partners to push for amendments that would strengthen confidentiality protections for the information companies are required to report to the Division of Insurance.

CBSA testified in opposition to the current bill, but also expressed appreciation to the sponsors for their continued efforts to gather stakeholder feedback.

Several amendments were introduced this week that aim to further protect proprietary and confidential information from public disclosure. CBSA is still evaluating the changes and soliciting member feedback, but we are encouraged by these amendments and hope to continue working with the bill sponsors to address our members' concerns.

Senate Bill 119, Expand Canadian Prescription Drug Import Program, was heard in the Senate Health & Human Services Committee this week. If permitted under federal law, the bill would expand the Canadian importation program to other countries besides Canada.

CBSA testified in opposition to the bill, underscoring the risks to patient safety and unlikely savings for consumers. Other representatives from the drug supply chain also testified in opposition, but the bill passed the Committee by a vote of 3-2.

CBSA will continue to educate lawmakers about the real dangers of drug importation and advocate for safe policies to improve patient access and affordability.

Throughout the session, we will keep you updated on the bills impacting our life sciences community.