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Governors of CT, MA talk about joint effort to lower prescription drug costs

Govs. Ned Lamont and Charlie Baker held a virtual news conference at 10:15 a.m. on Tuesday. They said spoke about a joint effort to bring those prices under control. Basically, companies could only adjust prices for inflation, or they’ll face significant fines. The two governors also said that by working together, they hope to show other states how they can do it. They also want to show that addressing prescription drug prices can be a bipartisan effort. Lamont’s proposal mirrors what Baker is trying to do in Massachusetts, which is limit pharmaceutical price increases year over year by the current inflation rate plus another 2 percent.

Lamont, Baker tout similar plans to curb high drug costs

Lamont, Baker tout similar plans to curb high drug costs SUSAN HAIGH, Associated Press FacebookTwitterEmail The Democratic governor of Connecticut and the Republican governor of Massachusetts joined forces Tuesday to publicly pitch similar legislative proposals for curbing prescription drug costs, plans that would financially penalize drug manufacturers for excessive price increases. The governors contend their respective plans, which set price benchmarks that manufacturers would have to meet, will help consumers budget for the cost of medications and possibly lower the price of the medications over time. “I think together we can make a difference and show the rest of the country how we can make the drug pricing a lot more predictable for some folks who need it,” said Connecticut Gov. Ned Lamont. He noted Massachusetts Gov. Charlie Baker had proposed working together on drug pricing during a congratulatory phone call after Lamont was first elected in 2018.

CT pushes for prescription drug price control

CT pushes for prescription drug price control Julia Bergman FacebookTwitterEmail Connecticut and Massachusetts worked together early in the coronavirus pandemic to institute similar restrictions to keep their residents safe, and later to reopen their economies and lift stay-at-home orders. Now, Govs. Ned Lamont and Charlie Baker are hoping to lead the country in addressing one of the major underlying costs of health care: prescription drug prices. The governors hosted a joint news conference Tuesday to discuss similar legislation they have proposed in their states, which, they said, would protect consumers and hold drug manufacturers accountable. Lamont’s two-year budget plan proposes capping annual increases in the cost of prescription drugs. Under the governor’s proposal, yearly hikes would be limited to the rate of inflation plus 2 percent. Drug manufacturers that exceed that amount would be fined, and that money would in turn be used to support subsidies for health cove

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