ARIZONA NEWS

Legislation aims to ensure affordable prescription medications for Arizonans

Feb 3, 2024, 6:30 AM

Woman with medications and Hobbs making an announcement...

Arizona Gov. Katie Hobbs on Wednesday, Jan. 31, 2024, unveiled a comprehensive plan aimed at reducing the cost of prescription drugs in the state. (X Photo/@GovernorHobbs and AP File Photo)

(X Photo/@GovernorHobbs and AP File Photo)

PHOENIX — Arizona Gov. Katie Hobbs recently unveiled a comprehensive plan aimed at reducing the cost of prescription drugs in the state.

Hobbs, along with state Sen. Eva Burch, a fellow Democrat, promoted a proposal that addresses drug costs, SB1533, at Melrose Pharmacy in Phoenix on Wednesday.

“With little to no guardrails, transparency or accountability, vulnerable Arizonans are being exploited by pharmacy benefit managers, middlemen in our health care system, making profits at the expense of everyday Arizonans,” Hobbs said at the event. “We need to bring it to an end.”

What is Hobbs’ plan to combat rising prescription drug costs?

Burch said the bill would do three things to put money back into the pockets of Arizonans.

She said it would mandate pharmacy benefit managers to secure approval from the Department of Insurance and Financial Institutions (DIFI) before increasing prescription drug prices above inflation and prohibit spread pricing, preventing excessive charges on insurers.

It also would establish the Prescription Drug Affordability Division at DIFI to enforce and explore innovative cost-saving measures for medications in Arizona.

“It doesn’t matter what your political party or your socioeconomic status is,” Burch said. “You deserve to live with dignity, and you deserve to have access to affordable prescription medications.”

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Legislation aims to ensure affordable prescription medications for Arizonans