In the U.S. health care system, the complex process of delivering medicines to patients is highly intermediated and involves many entities, including insurance companies, pharmacy benefit managers (PBMs), wholesalers and pharmacies. These middlemen negotiate with biopharmaceutical companies to keep medicine costs down for the system. But while more than one-third of the initial list price of a medicine is rebated back to middlemen or the government, often times patients do not get to share in these negotiated savings.
In fact, while medicine cost growth has been slowing in recent years – growing less than one percent in 2017 – many have seen their out-of-pocket costs skyrocket as insurers and PBMs increasingly shift costs onto patients. And solving the issue of patient affordability has proven particularly difficult given the complexities of the supply chain.
To discuss how we can address the affordability challenges facing patients today, PhRMA, in partnership with POLITICO, will bring together leaders from across the biopharmaceutical supply chain, as well as other stakeholders, for a conversation titled Deconstructing the Prescription Drug Supply Chain.
We’ll be joined by Pfizer CEO Ian Read, who will discuss his thoughts on how we can improve the U.S. health care system while continuing to promote biopharmaceutical innovation. We will also be joined by a diverse panel of experts for a solutions-oriented discussion of how we can ensure the biopharmaceutical supply chain is working in the interest of patients.
As so many patients continue to struggle to access the medicines they need, we need to find market-based solutions to make medicines more affordable without jeopardizing future innovation. Join us online on Thursday, May 3, from 9:00 a.m. to 10:10 a.m. EST to hear from this leading group of health care experts.
Katie Koziara Katie is a manager of public affairs at PhRMA focusing on the cost and value of medicines. She previously ran the social media strategy for a D.C.-based non-profit working on federal management and leadership issues. Outside the office, Katie can be found running on the mall, brunching with friends and cheering on the Michigan Wolverines.