New Jersey is cracking down on the cost of prescription drugs Governor Murphy today signed a package of bills that caps out-of-pocket costs for some of the most frequently used medications and requires more transparency into the process of negotiating those prices Advocates Say it'll eliminate bad business practices that drive higher rates for prescriptions like insulin and inhalers but some opponents worry it'll send the wrong message to investors in the state's pharmaceutical industry senior political correspondent David Cruz reports the unfortunate truth is that Americans pay more for prescription drugs than anybody else health care costs are a raging Hydra forcing families into tough decisions including how to pay the ever increasing costs of prescription drugs more than half of our residents are concerned about being able to afford prescription medications and we know that the affordability issue is far more severe in our communities of color at today's Bill signing ceremony Advocates from New Jersey citizen action and the AARP were on hand to celebrate what they admit is one small step towards Health Care affordability but says the governor it's an important one we are proud to announce that we are capping out-of-pocket costs for insulin epipens and asthma inhalers these are life-saving medications that people depend on and need regularly so we will be capping A month's worth excellent at thirty five dollars FB pens at twenty five dollars and asthma inhalers at fifty dollars when you're consumed by things that make you think about them each and every hour of each and every day it doesn't allow you to live fully uh your best life and to make your life as full and as rich as it can be sitting there every day having to worry about how they're going to pay for their prescription drugs in the future worrying about how they're going to provide for a loved one of a grandparent or a parent or or a child how they go through that each and every day this will help ease that burden just a little bit and everything we can do will have an incredibly profound effects but not everyone is thrilled with the potential of new regulations over a key State industry the pharmaceutical industry plays a major part in New Jersey's economy says a statement from the njbia and the pricing of Health Care is much more complex than setting a mechanism to a establish price controls for one segment of a multi-level Health Care sector the package of bills also establishes a drug affordability Council beefs up the division of Consumer Affairs ability to collect and analyze data on drug pricing across the supply chain and creates tighter oversight of pbm's Pharmacy benefit managers third-party companies who manage most prescription drug plans and what does the manufacturer do they set up this is the greatest acronym ever right the the wholesale acquisition costs what's that acronym whack right only people get whacked are all of us okay well will that whack price ends up starting here it's like a car sticker price because the manufacturers know they have to negotiate down so they set it unbelievably high and do you think the pbms care they don't because they get a percentage of what they quote-unquote save because in the end it's a business and eventually everyone gets sick but these bills say Advocates and lawmakers are a necessary first step towards leveling the playing field between an industry that has all the supply and consumers who have all the demand I'm David Cruz NJ Spotlight news support for the medical report is provided by Horizon Blue Cross Blue Shield of New Jersey an independent licensee of the Blue Cross and Blue Shield Association [Music]