Legislature Begins New Session, Governor Murphy Delivers
State of the State Address
Governor Murphy today delivered his fourth State of the State Address and first address of his second term as Governor of New Jersey. Entitled “Resilient and Moving Forward,” the address was again prerecorded for delivery as a result of the ongoing COVID-19 pandemic.
The State of the State Address focused on the ongoing New Jersey response to the pandemic and its impact on our health system, schools, businesses and others. Noting that nine out of 10 eligible New Jersey residents have received at least one COVID-19 vaccine, Governor Murphy highlighted the need to continue protecting New Jersey’s population with vaccinations and boosters. Governor Murphy also highlighted his efforts in support of innovation in New Jersey – noting New Jersey’s movement from 47th to 4th nationwide in economic growth since he took office in January 2018 -- including the groundbreaking Innovation Evergreen Fund which will roll out later this year.
The Governor’s address includes a policy proposal with direct impact on New Jersey’s biopharmaceutical supply chain. Noting his recent executive order related to benchmarking for health care costs, Governor Murphy announced his plan to unveil a package of legislation that could help address health care and prescription drug transparency and affordability. With a lens on making prescription drug costs more “transparent,” the plan will look to assess the factors impacting affordability across the drug supply chain.
BioNJ is looking forward to seeing additional details on these proposals. As net drug prices continue to fall, a complicated supply chain of PBMs, plans and other middlemen can sometimes result in higher than necessary Patient out-of-pocket costs. We are hopeful the Governor’s proposal will have the practical effect of reducing barriers to Patient affordability while protecting the innovation that has become a hallmark of New Jersey’s biopharmaceutical ecosystem. We appreciate the Governor’s willingness to take a holistic, systemwide approach to addressing Patient out-of-pocket prescription costs.
Meanwhile, the New Jersey Legislature was also in session today, gaveling in its new session with several new legislators taking the oath of office to start the 220th Session of the New Jersey Legislature. Assemblyman Craig Coughlin will continue to serve as Speaker of the General Assembly along with Majority Leader Louis Greenwald. Assembly Republicans have chosen Assemblyman John DiMaio to serve as Republican Leader.
Both the NJ Senate Majority and Minority Offices will have new leadership with Senator Nicholas Scutari serving as the Senate President and Senator Teresa Ruiz as the Senate Majority Leader. Senator Steven Oroho has been selected to serve as the Republican Leader. BioNJ looks forward to working with Speaker Coughlin, Senate President Scutari and legislative leaders in 2022 and beyond.
Governor Murphy is expected to deliver his 2023 budget address next month. Stay tuned for more information on the address and 2023 budget process.
Click here to watch Governor Murphy’s address on YouTube.
Click here for the State of the State Address as delivered.
