Prescription Drug Affordability Board; established.

This legislation creates a new Prescription Drug Affordability Board to address the rising costs of medications for Virginians. The board will be tasked with identifying drugs that impose significant financial burdens on residents, state agencies, and local healthcare systems. By conducting rigorous reviews, the board can set upper payment limits on certain high-cost prescription drugs, effectively capping what insurers and consumers pay for these essential treatments. For Arlington residents, this means a potential reduction in out-of-pocket costs and more predictable pricing for chronic condition medications. By increasing oversight and transparency in pharmaceutical pricing, the bill aims to improve overall healthcare accessibility across the Commonwealth, ensuring that essential life-saving drugs remain affordable for those who need them most without sacrificing quality of care.