Senator Petersen’s Legislation to Lower Prescription Drug Costs Passes Senate

February 6, 2023

Richmond, VA – Today the Virginia Senate passed Senator Chap Petersen’s legislation to lower prescription drug costs, reaffirming his commitment to creating an economy that works for Virginia’s middle class, families, and businesses across the Commonwealth.

Senator Chap Petersen’s bill, S.B 957, passed the Senate today. His bill will establish a Prescription Drug Affordability Board and Fund for the purpose of protecting Virginians from out-of-control prescription drug costs.

According to the AARP Americans pay more than three times what people in other countries pay for the same medicines. For example, between 2015 and 2020, the price of Revlimid, a prescription drug that treats forms of cancer went from $185,574/yr to $267,583/yr, Victoza a medicine that treats diabetes from $7,936/yr to $11,300/yr, and Spiriva Handihaler which treats asthma/COPD went from $3,886/yr to $5,289/yr.

“Everybody knows one of the biggest issues facing our seniors and really every Virginian, is out-of-control prescription drug costs,” said Senator Chap Petersen. “Today I am proud to see the Senate pass my legislation to reign in these skyrocketing costs. Through the Prescription Drug Affordability Board, we will now have the ability to protect our seniors, our taxpayers, and our citizens and bring costs down. I hope to see the House swiftly pass this legislation and deliver much needed relief to Virginians.”