RICHMOND, Va. (WRIC) -- Gov. Glenn Youngkin (R) vetoed several bills on Monday, including one that would have created a Prescription Drug Affordability Board. The purpose of House Bill 1724, per its text, was to "protect the citizens of the Commonwealth and other stakeholders within the healthcare system from the high costs of prescription drug products." The bill would have created a five-member board that would meet in open session at least four times annually. Its members would have been able to review the costs of prescription drugs and, if any were found to be too high, the board could have capped them. On Monday, March 24, Youngkin vetoed this legislation -- but this is not the board's first time being vetoed. PREVIOUS: Virginians with chronic diseases urge Youngkin to sign bill creating a Prescription Drug Affordability Board While the veto statement for this bill is not available as of the time of reporting, in his 2024 veto statement, Youngkin said the bill would "hinder innovation." “Though noble in its intent, the proposal carries numerous unintended consequences -- while it is imperative to lower drug prices, it must not compromise patient welfare," he said. In a new statement released by John Newby CEO of Virginia Bio, it reads, “Virginia Bio thanks Governor Youngkin for his veto of House Bill 1724, legislation that would have established a prescription drug affordability board (PDAB) in Virginia, which would have hindered access to critical medications, stifled innovation, and curbed investments into Virginia’s burgeoning life sciences industry. Artificial drug price setting mechanisms are an unproven experiment that could devastate Virginia’s leading life sciences and biotechnology sectors and leave patients without access to critical care,” John Newby, CEO of Virginia Bio This is a developing story, stay with 8News for more updates. ...read more read less