Every Coloradan deserves more affordable health care – indeed, that is the best pathway to ensure that everyone gains access to coverage. But a new bill that has been introduced in the House, HB22-1370, would take Colorado in the wrong direction. In fact, this bill would make health care coverage and prescription drugs less affordable for everyone.

We all agree that drug prices are out of control, and that lawmakers need to hold Big Pharma accountable for the prices they set – and increase – every single year. Colorado has seen pharmaceutical costs nearly double from 2013-2019. It’s just plain wrong for Big Pharma to price gouge patients for their own profits.

But the bill being considered by our state legislators would actually raise costs – not lower them. The Colorado Association of Health Plans estimates this bill could raise the costs of premiums by up to $36 a month. That could be more than a 13% increase in what Coloradans pay for their health care coverage – which would line the pocket of Big Pharma.

Nothing in this bill will reduce the price of prescription drugs. Instead, HB22-1370 eliminates cost-saving tools – and effectively eradicates any incentive Big Pharma has to lower their prices. In fact, the Polis administration’s own 2021 Report on Reducing Prescription Drug Costs in Colorado concluded that adopting the bill’s approach to rebates would “incentivize consumers for taking – and reward manufacturers for promoting – the higher cost brand-name drugs.”

Health insurance coverage is already bearing the brunt of out-of-control drug costs. More than 21 cents of every premium dollar already goes to pay for medications.

And those costs continue to go up: Earlier this year, a federal government report found that health insurance providers are covering more drug costs than ever before. While in 1990 consumers paid for 57% of their prescription drug costs out of pocket, in 2018 they paid only 15% out of pocket. Health insurance coverage is protecting consumers from the vast majority of prescription drug costs; but when policymakers strip health insurance providers of the few vital tools they have to negotiate lower prices, premiums will go up – making coverage and care less affordable and accessible across the state.

Big Pharma sets its prices with their own profits in mind. When there are more choices in the market – either in the form of alternative treatments or generic medications – Big Pharma has greater incentive to lower their prices. Lower drug prices mean cheaper medicines for patients – and lower premiums for all Coloradans.

Coloradans should be clear: State leaders should Vote no on HB22-1370. We need real solutions that will work to lower prescription drug and health care costs for everyone.

Meagan Fearing is a third-generation independent broker in Colorado Springs, serving as president of the Colorado State Association of Health Underwriters.