Virginia Gov. Glenn Youngkin vetoed a bill that would have created a new entity for capping the cost of prescription drugs, an increasingly popular tactic that a growing number of state lawmakers around the U.S. are exploring to control their budgets.
The Prescription Drug Affordability Board, which was designed to function like a rate-setting authority, would have set upper payment limits used to cap the cost of a select number of medicines for Virginia residents who are covered by a state or local government agency or a commercial health plan.
The concept is gradually being explored by lawmakers in several states that chafed at the lack of progress in Washington to address rising prescription drug costs. Since then, seven states have created such boards, but in recent months, there has been a flurry of activity reflecting what supporters say is an increasingly pressing need to better control state spending on medicines.