This week, CBS aired a misleading segment on the cost of innovative cancer therapies. BIO immediately responded by pointing out that the segment completely ignored the value created by these drugs for patients and the healthcare system.
“Cancer patients today are able to live longer and enjoy a higher quality of life than ever before thanks to medicines made by biopharmaceutical research companies,” said Jim Greenwood, BIO President and CEO.
“Advances in cancer treatment are only possible because of the enormous and risky investments in research and development by innovative biopharma companies,” said Greenwood.
BIO urges looking at the use of specialty tier cost sharing, in which patients must pay a relatively high percentage of their drug costs, rather than a flat co-payment. This approach can cost patients thousands of dollars out of pocket, and in effect limits their access to medicines and injects a third party between doctor and patient when determining the best course of treatment.
For the full BIO statement, please click here.