NY Senate Approves Affordable Prescription Drug Plan
TL/DR –
Democratic state senators in New York have passed a legislative package aimed at making health care and prescription medications more affordable. The legislation includes bills to allow the state to directly partner with drug manufacturers for lower prices, eliminate insulin co-pays, and import prescription drugs from other countries. The move comes amidst rising inflation, increasingly unaffordable health care, and recent price hikes on over 500 prescription drugs by pharmaceutical giants Pfizer, Sanofi, and Takeda Pharmaceutical.
Democratic Senators Push for Affordable Health Care and Prescription Drugs in New York
Democratic state senators passed a series of legislations on Tuesday aimed at making prescription drugs and health care more affordable in New York. The legislation was announced by State Senate Majority Leader Andrea Stewart-Cousins, along with state Sens. Gustavo Rivera, Neil Breslin, Nathalia Fernandez, Zellnor Myrie and James Skoufis. Rivera, the Health Committee Chair, stated the move began with insulin and will further address the growing financial strain on healthcare in New York.
Due to persistent inflation, life has become harder for many New Yorkers, especially with healthcare costs on the rise. Lawmakers have focused their efforts on reducing drug costs, amidst the rising pressure to expand health care and make it universally accessible.
The legislative effort comes as pharmaceutical giants Pfizer, Sanofi and Takeda Pharmaceutical increased the prices of over 500 prescription drugs. The lawmakers proposed solutions include a bill by Rivera allowing the state to partner with drug manufacturers for lower prices, another bill to eliminate insulin co-pays and a bill by Skoufis to import prescription drugs from other countries.
Breaking Monopolies on Prescription Drugs
Skoufis pointed out that unlike other commodities, pharmaceutical drugs do not exist in a system of free trade and international competition due to a monopoly created by big pharma in the United States. He believes that importing prescription drugs from other countries could disrupt this monopoly and make drugs more affordable.
Efforts Mirrored in Governor’s Budget Proposal
Parts of these legislative efforts echo in Governor Kathy Hochul’s recent budget proposals, including the legislation to end insulin co-pays. Stewart-Cousins emphasized their commitment towards making New York affordable, with a particular focus on making necessary drugs affordable.
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