WHEREAS, to protect our lives and our well-being, every family in New Mexico requires access to affordable prescription drugs;
WHEREAS, skyrocketing costs are making some medicines virtually inaccessible to our families and neighbors, with nearly one-third of adults reporting not taking their medicines as prescribed due to cost;
WHEREAS, in 2019 drug manufacturers raised the prices of over 3,400 prescription drugs, with price hikes that were five times more than the average rate of inflation;
WHEREAS, prescription drug spending accounted for over 22% of each health insurance premium dollar spent between 2014 and 2016, making it consumers’ single biggest expense on insurance premiums;
WHEREAS, the high costs of medications impact both patients and taxpayers, with New Mexico residents spending over $700 million annually on prescription drugs;
WHEREAS, to build upon the State’s landmark 2019 legislation creating an Interagency Pharmacy Purchasing Council to coordinate public purchasers the state must work to address prescription drugs purchased by both public and private payors;
THEREFORE, BE IT RESOLVED that the undersigned organization supports creating a new Prescription Drug Affordability Board to determine how best to make prescription drugs more affordable for all New Mexicans, including evaluating the cost of medications, holding big drug companies accountable, negotiating more affordable prices for New Mexicans and building on New Mexico’s leading efforts to lower prescription drug and health care costs for all residents.
