RICHMOND — Two-thirds of Virginians over the age of 18 regularly take prescription medication, and — according to ARRP — support establishing maximum prices for those medications.
A bill passed by the General Assembly may do just that.
The legislation headed to Gov. Glenn Youngkin’s desk would establish a Prescription Drug Affordability Board.
The board would have the power to conduct affordability reviews of medications sold in the Commonwealth. If a review found a medication’s price too high, the board could establish limits.
Jared Calfee, state advocacy director with AARP Virginia, said any price change would also have ripple effects up and down the supply chain.
“And in the event that the drug is not affordable for the people who need it, that high cost is not justifiable, they would have the ability to set what’s called an upper payment limit,” said Calfee, “the highest price that could be paid for the drug throughout the supply chain, which would apply to everyone in Virginia, from the manufacturer purchase level to the pharmacy counter.”
Youngkin vetoed similar legislation in 2024, writing that it would limit treatment and hinder medical research for rare, life-threatening diseases.
Other federal efforts in past years have worked to lower the cost of prescription drugs. Those include caps on insulin costs — and the ability for Medicare to negotiate the costs of some prescription drugs.
Calfee said addressing the price of prescription drugs will help people of all ages across the Commonwealth.
“This is not just a problem with seniors or people over 50,” said Calfee. “This is everybody who is taking prescription drugs and is dealing with the problems associated with high costs. I mean, people of all ages are having to make choices about putting food on the table, keeping a roof over their head or taking their medication as prescribed.”
According to AARP research, half of Virginians who take a prescription drug pay more than $50 a month for the medication.
