Texas Legislature needs to change course on prescription drug proposals
BILL HAMMOND, 08 April 2021
Amid dire economic conditions brought on by the pandemic and exacerbated by the recent weather conditions, Texas legislators are eyeing policies on prescription drug prices that could jeopardize Texas employers’ ability to provide vital accompanying health care and prescription drug coverage.
Health insurance costs for prescription drugs are now higher than for any other expense, including patient hospital costs and doctors’ payments. The cost of health insurance is ranked as the single biggest problem and priority for Texas small-business owners in a recent National Federation of Independent Business survey of members.
Despite these ongoing economic hardships, drug makers continue to raise their prices. In January alone, drug makers increased prices for over 800 drugs by an average of 4.6 percent, almost twice the predicted inflation rate for the entire year of 2021. The average cost of insulin, for example, grew by 750 percent from 2002-2019.
Texas policymakers should be applauded for recognizing there’s a prescription drug affordability problem for too many people; however, government mandates aren’t the answer.
