CEO DATELINE - Fight over prescription drug prices heats up
CEO DATELINE - Fight over prescription drug prices heats up
- January 23, 2019 |
- Walt Williams
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Associations representing pharmaceutical companies and drug stores are stepping up their advocacy efforts as lawmakers from both parties express interest in reining in rising prescription drug prices.
Pharmaceutical Research and Manufacturers of America spent more than $27.5 million on lobbying in 2018, more than it has in any previous year, The Hill newspaper reported. At the same time, two drug store and pharmacy associations issued a joint statement last week spelling out their opposition to legislation allowing patients to purchase drugs in other countries and import them into the U.S.
PhRMA had a busy year in 2018, defeating a bipartisan bill that would have allowed cheaper generics to be sold in U.S. markets, according to The Hill. However, the association also suffered a significant policy blow when lawmakers approved legislation raising the share of costs that drug companies must pay for Medicare's Part D drug program. https://bit.ly/2Wdwqtd
Drug importation has been another idea floated to hold down drug costs. However, the National Association of Chain Drug Stores and American Pharmacists Association made clear in a Jan. 18 statement they oppose any such proposal.
"Drug importation would negatively impact coordinated care and likely, patient outcomes because patients' care would be fragmented amongst different health care practitioners in different countries," APhA CEO Thomas Menighan said.
The group said the U.S. has an extensive safety net of state and federal laws to ensure drug safety, while importation would undermine that system. https://bit.ly/2WacNSM
CEO DATELINE