Bill A-1747, which is scheduled for a vote this morning in the Assembly Health Committee, calls for the establishment of a Prescription Drug Affordability Board.

“The goal of lowering prescription drug prices is laudable, but it is not the most effective way to address patient out-of-pocket drug costs,” NJBIA Chief Government Affairs Officer Chrissy Buteas said.

“The fact is, addressing the pricing of healthcare is much more complex than setting a price mechanism for a multi-level health sector. Without that holistic approach, New Jersey will instead be sending a message to R&D companies that there are much more attractive states to invest in.”

Buteas said that New Jersey lags its regional competitors in critical indicators of innovation and this legislation would only hold the state back in the innovation space.

“NJBIA shares Governor Murphy’s vision of New Jersey reclaiming its role as the innovation state,” Buteas said. “This legislation runs counter to that vision and only takes a punitive approach against pharmaceutical companies that will inhibit private investment and research, while also negatively impacting an industry that is so crucial for New Jersey’s economy.”