Holding Big Pharma Accountable to Ensure Affordable Drug Prices
As Virginia’s next governor, Terry will make sure that no person has to choose between medication or a meal. He will empower the Virginia State Corporation Commission to serve as a watchdog for Virginia consumers by forcing drug companies to justify certain price increases and setting upper price limits when necessary. Terry will ensure consumers have information and explanations about cost increases by creating a Prescription Drug Sunlight Law. He will also fight to secure the lowest possible prices by pooling Virginia’s purchasing power for state agencies, implementing a pharmacy benefit carve-out model for Virginia’s Medicaid program, and exploring bulk purchasing as a way to lower costs.
As Virginia’s 72nd Governor, Terry fought against the Republican-controlled legislature that refused to expand Medicaid to the hundreds of thousands of Virginians who lacked access. Against their obstruction, Terry implemented his “A Healthy Virginia” plan, a bold initiative that expanded health care coverage to nearly 30,000 uninsured Virginians for important services such as dental care, mental health services, and substance use disorders. Terry also laid the groundwork for Medicaid expansion by building his final budget proposal around the $421.7 million in estimated savings from expanding Medicaid and securing an important assessment.
The Work Ahead
- Create a Prescription Drug Accountability Division at the State Corporation Commission and empower them to serve as a watchdog for consumers and set upper price limits for certain drugs.
- Pass a Prescription Drug Price Sunlight Law and open up the black box of prescription drug pricing.
- Hold Big Pharma accountable when they engage in predatory practices or impose unjustifiable price hikes.
- Maximize Virginia’s ability to negotiate for the best drug prices by pooling purchasing power and exploring bulk purchasing options.
- Impose substantial taxes on companies for unjustified price hikes.