Weekly Policy Update: Prescription Drug Price Transparency
By: Colorado BioScience Association Date: 03/09/2018
Transparency at the Colorado State Capitol
This week CBSA testified in opposition to House Bill 1260, Prescription Drug Price Transparency. The bill was heard in the House Health, Insurance and Environment Committee and passed on a party line vote. It will now move to House Appropriations. We continue to advocate in opposition and tell our story to legislators that we are dedicated to patients, ensuring people live longer, healthier lives. As an industry we know we need to address transparency, which is why we support true transparency.
True transparency means:
- Addressing the health care system as a whole.
- Considering every player in the health care system to make meaningful changes for patients and their families.
In looking at the healthcare system holistically, patients would better understand the role manufacturers, pharmacy benefit managers (or PBM’s), and insurers play in determining out of pocket costs.
To read CBSA President & CEO’s full testimony click here.
We need your help, please contact your legislator today and tell your Legislator to vote NO!
Transparency in Washington, D.C.
Across the U.S. state policy conversations on pricing and transparency are being held, while those same conversations are taking place in Washington, D.C. This week FDA Commissioner Scott Gottlieb, MD spoke to the America’s Health Insurance Plans’ (AHIP) at their National Health Policy Conference. His speech, titled “Capturing the Benefits of Competition for Patients,” opened with acknowledging it seemed unfit for the FDA to be talking about drug pricing as the FDA doesn’t and shouldn’t regulate drug prices, but the Commissioner went on to express how the FDA supports innovation. He told the audience the FDA “is charged with advancing policies that maintain a balance between encouraging and rewarding medical innovation and facilitating robust and timely market competition.”
In line with CBSA’s support of true transparency, the FDA Commissioner addressed that “every member of the drug supply chain needs to take responsibility for addressing it (pricing).” He continued “…bringing more drug competition to the market, and addressing the high cost of medicines, is a top priority of the Administration and of the Secretary of Health and Human Services. The FDA is working closely with Secretary Alex Azar on crafting policy options that can improve competition, access, and the chance for patients to benefit from safe, effective, and lower cost biosimilar alternatives.”
CBSA will monitor the FDA’s work on crafting policies closely and communicate with the CO delegation on how they may impact our industry positively or negatively. We are encouraged to be a part of these conversations as we ensure patients have access to life saving dugs and innovations.