Prescription Drug Affordability Act aims to set limits on high medication prices
CHICAGO (CBS) -- Lawmakers in Springfield are focusing on high prescription drug prices.
On Wednesday, they announced the Prescription Drug Affordability Act. The legislation would create an independent Prescription Drug Affordability Board.
"Drugs don't work if people can't afford them. Today, 28% of Illinoisans have reported not filling their prescriptions or rationing their medication to save money," said State Rep. and co-sponsor Nabeela Syed (D) Palatine.
If passed into law, the board could set upper limits on what people would pay for their medications.
Supporters said high prescription drug prices are a major factor in rising health insurance premiums.
The Pharmaceutical Research and Manufacturers of America, or PhRMA, responded to the lawmakers' announcement by saying other states established boards but have yet to see progress.
"Lawmakers seeking to lower prescription drug costs should know government price setting doesn't get to the root of the problem. Legislation that fails to address health insurance companies and their pharmacy benefit managers makes lowering costs for Illinois patients impossible. Other states have spent millions of dollars establishing prescription drug affordability boards, but they have yet to save patients one cent at the pharmacy counter," said Stami Williams, spokeswoman.