AARP NJ is Advocating for Fair Prescription Drug Prices

PRESCRIPTION DRUG PRICES
Americans are sick and tired of paying the highest prices in the world for their prescription drugs. More than two out of three New Jersey voters 50 and older are concerned they won’t be able to afford the medicines they need in the future; yet prescription drug prices continue to rise faster than inflation.

It’s wrong that even during a pandemic and financial crisis, drug companies increased the prices of nearly 1,000 drugs in January 2021 alone, including those for chronic conditions that people over age 50 depend on. Too many Garden State residents are forced to choose between life-saving medications and paying rent, buying food, and meeting other critical needs.

AARP supports solutions that will lead to lower drug prices, including greater transparency in data reporting from big drug companies, public reporting on prices increases, caps on insulin and other critical medications, and a Board of independent experts responsible for making actionable recommendations on how the state can ensure affordable medications for all.

AARP supports S329/A1747, which establishes a prescription drug affordability board. This board will bring together subject matter experts to take a comprehensive look at all parts of the supply chain to determine if prescription prices are reasonable and justified. If not, the board of experts will make recommendations to the Governor and Legislature on actions they can take to achieve affordable prescriptions for all New Jerseyans. Eighty-two percent of New Jersey voters 50 and older support the creation of this board – with bipartisan support.

AARP supports S1615/A2840, which will give the Division of Consumer Affairs the responsibility and resources to collect prescription drug pricing data from drug manufacturers and all members of the pharmaceutical supply chain. The Division will produce an annual report on pricing trends and publicly post information on drugs with substantial price increases.

AARP supports S1614/A2839, which will place an out-of-pocket cap on several life-saving medications including $35 for monthly supply of insulin, $20 for monthly supply of epinephrine auto-injector devices, and $50 for monthly supply of asthma inhalers.

For more information on AARP New Jersey’s advocacy priorities, visit aarp.org/NJAdvocacypriorities.