RICHMOND, Va. (CBS19 NEWS) -- Just a few hours before the legislative deadline, Governor Glenn Youngkin vetoed a bill that would have established a Prescription Drug Affordability Board in Virginia.

The bill was introduced by state Senator Creigh Deeds.

If Youngkin had not vetoed this bill, the board would have had regulatory powers and consisted of experts appointed by the governor and the state legislature.

"Virginians pay on average 14 percent more for prescription medication than people in other states. Why is that the case," asked Deeds. "I can't say that I'm shocked."

Senate Bill 274 would have established the Prescription Drug Affordability Board.

"The administration was not supportive during the session," said Deeds. "We have the ability in the code to give rule-making authority to different regulatory authorities."

The bill had passed the Senate 23-16 and the House 50-47, but was ultimately vetoed by Youngkin.

"The governor talks about making life more affordable people, want to bring down the cost of living. This bill would have done that," said Deeds.

In a statement, Youngkin's office says he does embrace policies that make medication available and affordable for Virginians. But it explains that he rejected this proposal because "this policy is not only unproven to lower drug prices, it would potentially restrict the access and creation of needed medications and life-saving treatments for families across the Commonwealth."

"That's just a talking point from the pharmaceutical industry that's in his press release I'm afraid," commented Deeds.

Deeds says this bill is based on legislation from other states that have seen success with similar programs.

The statement also says Youngkin did sign another bill that provides cost-saving transparency and regulations to the pharmaceutical industry and allows the state government to study a plan to import lower-cost prescriptions for Virginians.

Freedom Virginia, an advocacy organization dedicated to lowering the cost of living for Virginians, is reacting. Organizers say they are disappointed.

"It's just really disingenuous to say that you care about lowering the cost of living and you care about lowering the cost of prescription drugs to then turn around and outwardly veto the bill, not offer any amendments or anything. It was just a straight-up veto," said Rhena Hicks, Executive Director of Freedom Virginia.