Legislation would empower the state to monitor the affordability of necessary medications

Santa Fe, N.M. - Today, the House of Representatives voted unanimously to pass House Bill 33, the Prescription Drug Transparency Act, which would increase price transparency within the prescription drug supply chain. 

HB 33 would require manufacturers, health insurers, pharmacy benefits managers, and pharmacy services administrative organizations to report prescription drug prices and trends to the New Mexico Office of Superintendent of Insurance (OSI) annually. 

OSI would then compile an annual report on its findings, present it to the legislature, and make it available to the public. OSI could also impose penalties on reporting entities if they submit information that is late or inaccurate. 

“With the rising cost of prescription drugs, far too many New Mexicans have to make difficult choices about how to pay for necessary medication,” said lead sponsor Rep. Pamelya Herndon (D-Albuquerque). “House Bill 33 will hold the prescription drug industry accountable and provide vital information for the state to act upon should necessary drugs become cost prohibitive for New Mexicans who need them.” 

Similar laws passed in other states have been shown to help curb price increases.  

Additional sponsors include Rep. Cristina Parajón (D-Albuquerque), and Senators Liz Stefanics (D-Cerillos) and Bill Tallman (D-Albuquerque). The bill will now move to the Senate. 

The Roundhouse is open to the public for the 2024 session. Members of the public can also view floor sessions and committee meetings on the New Mexico Legislature’s Webcasts tab, and provide comment via phone or Zoom as directed on the daily schedule.