NEW JERSEY (KYW Newsradio) — New Jersey is capping the price of some often-used prescription drugs under legislation signed Monday by Gov. Phil Murphy.
The high cost of prescription medications can be as debilitating as any disease, said Essex County Assemblyman John McKeon, who told the story of one constituent.
“She told me, ‘When I was diagnosed with multiple sclerosis, I didn’t cry. But when I found out about the financial toxicity, I broke down,’” McKeon explained.
At a ceremony at a senior care facility in West Orange, Murphy signed three bills to control drug prices. One limits the out-of-pocket costs of EpiPens at $25, a month’s worth of insulin at $35, and asthma inhalers at $50.
“These are life-saving medications that people depend on and need regularly,” Murphy said.
The new law applies to people in state-regulated health plans and some public employee plans. A second bill increases oversight of pharmacy benefit managers. And the third establishes a Drug Affordability Council to analyze the pharmaceutical supply chain and recommend ways to control costs.
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“It’ll take a little of the burden off of people who day in and day out have to worry about how they’re going to provide for their health care,” said Assembly Speaker Craig Coughlin.
“When you’re consumed by things that make you think about them each and every hour of each and every day, it doesn’t allow you to live fully your best life.”
Murphy added other states that have established drug transparency programs have seen “major declines” in the number of drugs with big price jumps.
“Americans pay more than anyone else in the world for prescription drugs. So we have to take a hard look at why that is, and we have to make sure that folks can actually afford these life-saving medicines.”
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