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Climate change and food security—and the role of biotech in addressing both—were major themes at Davos last week, with BIO members in the spotlight at the event. Plus, PBMs’ formulary exclusions are increasing in 2023, and we look at what it means for patients and policy. (594 words, 2 minutes, 58 seconds) |
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We have many challenges, but biotechnology can provide solutions—especially when it comes to addressing climate change and food security, said experts at Davos last week. The challenge: “Combatting climate change and meeting the nutritional needs of a growing population without exhausting our planet’s resources are two of the biggest challenges of our time,” wrote executives from BIO members Novo Holdings, Novo Nordisk Foundation, and Novozymes for the World Economic Forum’s annual meeting in Davos.
“Biotechnology holds solutions to both,”they continued—“but we are far from fully realizing its potential to deliver on the green transition.”
These solutions include… The big picture: “The world is entering an era of biology—and the field’s power” was a major theme at Davos, reported Axios, highlighting BIO member Ginkgo Bioworks’ remarks at the meeting.
Why it matters: “Food and agriculture collectively account for more than 30% of the world’s greenhouse gas emissions and over 80% of tropical deforestation and biodiversity loss,” said Bain & Co. “Transforming food systems is essential to meeting net-zero, nature-positive goals by 2030, providing dignified livelihoods and contributing to improved nutrition and health for the earth’s 8 billion people.” More Reading: |
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Excluding drugs from coverage helps PBMs keep profits higher |
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The largest private insurance companies are increasing the number of drugs excluded from coverage. Bio.News spoke to Daniel Durham, BIO’s Senior Health Policy Advisor, about what’s happening and why it matters.
What are PBMs? Pharmacy benefit managers, or PBMs, determine the formulary of drugs covered by insurers. Drug companies pay rebates to PBMs, which are supposed to pass savings on to patients, but research shows that’s not happening.
PBMs profit from overseeing drug coverage, explains Durham: “Exclusions have become another one of their tools where they’re negotiating these substantial rebates and not passing those on to patients.”
Now, formulary exclusions are increasing,reports the Drug Channels Institute, with the three largest PBMs expanding the number of excluded drugs in 2023.
Why we’re talking about it: With drug pricing expected to be a hot policy topic in 2023, it’s important to address the role of PBMs in the price patients pay at the pharmacy counter. As we reported, several past legislative proposals to address PBMs could resurface this year, including the Pharmacy Benefit Manager Transparency Act, which BIO supported.
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ICYMI: BIO’s Rachel King at the Maryland Tech Council Advocacy Summit |
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BIO’s Interim CEO Rachel King spoke at the Maryland Tech Council’s annual Advocacy Summit in Annapolis last week, where she discussed BIO’s policy goals for 2023, the importance of communicating how biotech helps patients (especially in drug pricing debates), and why she’s optimistic about the future of the industry. Watch our exclusive interview and read highlights at Bio.News. |
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