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Tue Feb 28, 2017, 09:09 AM

Lawmakers say New Mexico could save millions on drugs

New Mexico could save $100 million a year in prescription drug costs by requiring all state agencies and benefit providers to negotiate for bulk purchasing discounts, according to Dr. Martin Hickey, CEO of New Mexico Health Connections.

Hickey was speaking last week in favor of Senate Bill 354, sponsored by Sen. Jeff Steinborn and Rep. Joanne Ferrary, both D-Las Cruces, that would create a new pharmaceuticals purchasing council to develop cost-cutting strategies for drug purchases. The council would be part of the General Services Department, and would include members from 11 state agencies and entities.

“This bill, if implemented, could save New Mexico $100 million per year in prescription drug costs,” Hickey said in a press release from Senate Democrats.

An evaluation by the Legislative Finance Committee found that state agencies spent a combined total of about $680 million on prescription drug costs in Fiscal Year 2016, a 54 percent increase from the $442 million spent in FY 2014.

Read more: http://www.lcsun-news.com/story/news/local/new-mexico/legislature/2017/02/27/lawmakers-say-nm-could-save-millions-drugs/98484112/

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