With a national debate underway over drug prices, people are looking for ways to help make prescription medicine more affordable. Unfortunately, many of the ideas drawing headlines are based on a faulty understanding of the drug cost ecosystem and would lead to negative consequences for patients.
BIO is determined to set the record straight, and it will also continue promoting responsible ideas that protect patients and lower drug costs. Jim Greenwood, the President and CEO of BIO, has a letter in today’s St. Louis Post-Dispatch that provides some key facts on drug costs and highlights commonsense solutions that would make a positive difference in the lives of patients. As Jim writes:
“Prescription medicines represent about 14 percent of health care spending — the same as in 1960. In 2016, the average net price for branded drugs increased just 3.5 percent, and overall spending on prescriptions increased less than 5 percent last year.
“Does this mean we shouldn’t look for ways to lower costs? We absolutely should, but many of the proposals being discussed would undermine patient safety, threaten the delivery of new treatments and do little to lower costs.”
You can read the full Letter to the Editor here.
To learn more about drug costs, visit DrugCostFacts.org.