The increasing cost on prescription drugs

A recent Premier survey showed that growing drug prices was a top concern for healthcare executives for the third year in a row.

The increasing cost on prescription drugs

The increasing cost on prescription drugs

For many states, it is the fastest-growing health care expense, with prescription drugs doubling over the past six years in some states and costs for Medicaid prescription drugs increasing 15 percent annually in several states. Congress has been unable so far to pass legislation to temper prices or provide full coverage for large groups of the uninsured.

That, in short, is why a handful of New England states are taking the problem into their own hands, jointly. There's potential to solve this problem.

The increasing cost on prescription drugs

The strategies range from multi-state purchasing pools to Canadian-style price controls--prescription drugs in the U. By getting together to talk about possible regional approaches, the participating states shared ideas about what is going on in their own states that the coalition could build on.

Legislators there passed a mandate last year to develop a drug-purchasing program that could include 25 percent of the state's population.

It would pool Medicaid recipients; low-income senior citizens; state, county and municipal employees; and uninsured or underinsured populations. By aggregating consumers, the state would be able to do what health plan pharmacy-benefit managers do for large health maintenance organizations: The secretary of administration and finance is studying the issue.

As to the Canadian tactic, Vermont is looking at price controls and working out deals with Canada to get Canadian drug prices. State legislators introduced a joint resolution to build a multi-state or regional coalition of New England states and maybe some Canadian provinces as well.

Every other country in the world is doing this," Shumlin says. Jeffrey Trewhitt, a spokesman for the Pharmaceutical Research and Manufacturers of America, doesn't quite see things that way. He contends that with drug prices kept artificially low, Canadians, who rely on U.

For instance, new medicines developed in the U.

A Market-Based Plan for Affordable Prescription Drugs

Vermont has also begun looking into a physician-education strategy that deals with the fact that physicians learn much of what they know about prescription drugs from the pharmaceutical companies, which send representatives to doctors' offices.

The practice is called "detailing," and Vermont legislators are exploring methods for "counter-detailing," such as sending non-pharmaceutical company representatives to inform doctors about generic drugs or alternatives that are just as good at a fraction of the cost.

It's not a normal consumer marketplace. You get one name, one drug and you pay what it costs," says Vermont state Senator Jan Backus. Legislators at the four-state meeting agreed to divvy up responsibility for investigating the cost-controlling strategies and to present their findings at a follow-up meeting in Boston, to which Connecticut, New York and Rhode Island are also invited.A Market-Based Plan for Affordable Prescription Drugs While these state laws vary in scope and restrictiveness, they cumulatively have the effect of increasing the cost of biosimilar competition.

The bias against ‘me-too’ drugs. Nonetheless, the increase in prescription drug spending by private insurance led to the targeting of prescription drugs for managed plans to rein-in costs, primarily by cost-shifting to the patient.

on prescription drugs since (see Figure 3) has led to a % increase in dollar costs, threatening to eat up not only health funding, but also funding for the broad range of . Aug 23,  · A new paper reveals that Americans are spending about 20% more on prescription drugs now compared to just a few years ago.

The increasing cost of prescription drugs in the United States has become a source of concern for patients, prescribers, payers, and policy makers. Objectives To review the origins and effects of high drug prices in the US market and to consider policy options that could contain the cost of prescription drugs.

Access to health care is a human right, and that includes access to safe and affordable prescription drugs. It is time to enact prescription drug policies that work for everyone, not just the CEOs of the pharmaceutical industry. Americans pay, by far, the highest prices for prescription drugs in the.

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