Intelligent Solutions in Pharmacy Benefits
612 Wheelers Farms Road, Milford, CT 06461
With prescription drug costs consistently proving to be a hot topic within our industry, it is no surprise to us that government officials are beginning to get involved with the regulation of prices. In recent news, Democrats in the House of Representatives have suggested an “Affordable Drug Pricing Task Force,” which is meant to help fight and push back against the constant skyrocketing costs.
According to an article from the International Business Times, the United States is guilty of spending approximately $1,000 per person on prescription drugs. Not to mention, our cost of brand-name drugs comes out to be about twice as high as those in countries like the U.K where the government is more heavily involved with the negotiation of such prices. Considering that the ongoing rise of our drug costs is seemingly making it more difficult for patients to receive the care they need, it seems only right that the government is making an attempt to intervene.
Two particular problems that the U.S House of Representatives would like to see improvement on are:
- That there is no transparency in our country's drug prices.
- That the federal government does not have enough power when it comes to negotiating these prices.
However, one good thing that we can say for certain is that there is a bill in the hands of the Senate’s Finance Committee, which, if passed, would “grant the U.S Secretary of Health and Human Services the authority to negotiate with drug companies,” as reported by the International Business Times.
While there is no clear evidence that a task force such as the one proposed will actually lead to a decrease in drug prices, it is important to realize that government leaders are taking action - if you are following Presidential candidates, you may also already know that Hillary Clinton has her eyes set on reducing drug costs for Americans (more information here). Furthermore, Senator Bernie Sanders has also announced that he is investigating the rising cost of generic drugs.
As a company whose primary goal is to find and explore cost saving solutions for clients with pharmacy benefits, we are always up-to-date with the latest news regarding the fight against rising drug costs. To stay up-to-date with us, be sure to connect with PBIRx on social media or give us a call at (888) 797-2479.