Welcome to the Week in Review.
1. Taking Aim At Soaring Drug Prices
- Yesterday, President Biden visited the National Institutes of Health, to announce that dozens of pharmaceutical companies will be required to pay rebates to Medicare for excessive price hikes on prescription drugs used by over 750,000 seniors annually. In the last quarter of 2023 alone, 48 Medicare Part B drugs surged in prices faster than the rate of inflation, leading to potential rebates under the Inflation Reduction Act. President Biden’s initiative aims to curb these exorbitant price hikes, ensuring companies repay Medicare, saving seniors between $1 and $2,786 per dose on these medications. Patients For Affordable Drugs (P4AD)’s President and Founder, David Mitchell, introduced President Biden at the event. As a patient on Medicare living with multiple myeloma, David shared his personal journey with high drug prices and celebrated the significant strides made in drug pricing reforms as a result of the Inflation Reduction Act. David is one of millions of patients whose drugs will cost him less from 2026 since Eliquis, one of his medications, is one of the first 10 being negotiated by Medicare. (The Hill, Reuters, Fortune, YouTube)
2. Enforcing Fair Drug Pricing
- The White House and Health and Human Services (HHS) have also made significant progress this week towards ensuring Americans pay fairer prices for medical products they helped pay to invent through their taxpayer dollars by making fair pricing a new standard part of negotiations. The Administration for Strategic Preparedness and Response (ASPR) has integrated fair pricing criteria into recent contract agreements. Notably, contracts with organizations like Regeneron, CastleVax, Codagenix, and Gritstone Bio, as part of Project NextGen, outline provisions that require their commercialized products to be priced in the U.S. at levels equivalent to or lower than those in comparable global markets. This initiative aims to protect people from disproportionately high drug costs, ensuring that innovations backed by taxpayer dollars are affordable and accessible. (White House Fact Sheet, MedPage Today)
3. Setting the Stage For Senate Health Care Package
- The House of Representatives passed the “Lower Costs, More Transparency Act” on Monday night, a pivotal step toward addressing high drug prices. The firm bipartisan passage of this legislation increases the momentum for a comprehensive healthcare package in the Senate in January and presents an opportunity to pass bills aimed at lowering drug prices by addressing patent abuses and other anti-competitive tactics employed by drug companies to delay generic and biosimilar competition. This overwhelmingly bipartisan effort paves the way for a bipartisan end of year package that can lower prescription drug prices for all patients. (MedCity News, Pink Sheet)
BONUS: Not all patient groups are what they seem! This new report from Public Citizen shows the power of Pharma dollars at work and how they leverage patient groups to do their bidding including during the fight to pass the drug price reforms in the Inflation Reduction Act. Their actions keep prices high for patients. From the report; “if a patient advocacy group expresses doubts about a drug-pricing bill, that may have a greater impact. If a local advocacy organization publishes an op-ed in the member’s local paper, that will no doubt get a member’s attention. If a new controversial drug to treat a disease gets the ringing endorsement of the patient group representing those inflicted with the disease, that could carry great weight”. Bottom line: If you’re in bed with pharma, you’re not doing enough on drug pricing. To understand the influence of Pharma on a patient group see P4AD’s The Hidden Hand and the 2023 Update Hiding in Plain Sight. (KFF Health News)
Have a great weekend!