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RICHMOND, Va. — Today, the House Labor and Commerce Committee passed HB1724 to lower the cost of medicine by creating a Prescription Drug Affordability Board. The bill passed by a 12-9 vote and now heads to the House Appropriations Committee. Freedom Virginia co-Executive Director Rhena Hicks released the following statement today:
“We are encouraged to see members of the House Labor and Commerce Committee vote to pass this legislation to lower the cost of life-saving prescription drugs. This vote in the first Labor and Commerce committee meeting of 2025 shows the importance and urgency of lowering the cost of medicine Virginia. Virginians cannot wait for relief. We look forward to seeing the bill continue to progress this session.”
The bill received support from AARP Virginia, the National Association of Benefits and Insurance Professionals, the Virginia Association of Counties, and the Virginia Catholic Conference.
“An HHS report of all U.S. prescription drug prices as a percentage of prices in selected other countries in 2018 showed U.S. prices versus Canada were 218% higher, France 258% higher, Germany 225% higher, Italy 244% higher, Japan 209%, Mexico 170%, and so it’s fairly obvious that other countries are able to actually do this much cheaper for the same prescription drugs,” said Del. Alfonso Lopez. “So, I think it’s high time we passed this legislation.”
“I am in a family impacted by a rare disease, sickle cell disease, to be specific, and I think that as a commonwealth, we can do better,” said Del. Candi Mundon King. “I think that this is a good bill that has been thoughtfully put together and I hope we’ll look favorably upon it.”
Key testimony from the committee hearing is highlighted below:
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