BIO encourages Administration to "bring transparency to the broken rebate system"
After the White House announced plans to sign an Executive Order directing the Department of Health and Human Services (HHS) to explore additional actions to lower prescription drug costs, Nick Shipley, Chief Advocacy Officer at the Biotechnology Innovation Organization (BIO), made the following remarks:
"The Administration cannot truly address Medicare patients’ out-of-pocket cost concerns unless HHS reforms the shadow rebate market in which PBMs operate. These middlemen have distorted the marketplace as they have consolidated in recent years -- and PBMs have continued to leverage their size and market influence to ensure they can rake in enormous profits at the expense of vulnerable patients and their checkbooks.
"Patients cannot benefit from the breakthrough therapies that scientists work hard to create if they cannot afford them. To increase access and reduce patient out-of-pocket costs, BIO has expressed support to HHS and CMMI to bring transparency to the broken rebate system responsible for inflating costs as well as explore innovative payment models that bring financial relief to patients.
"We will continue to advocate for policies that encourage innovation and patient access to the medicines and care they need. Rather than playing politics with America’s seniors and most vulnerable, we look forward to working with this Administration and lawmakers in a pragmatic way to ensure access and affordability of medicines and other health care needs is a priority."
