Drugmakers & patient groups to partner together in delivering consumers better information on medicine costs
WASHINGTON, DC (October 15, 2018): The Council for Affordable Health Coverage (CAHC) – a coalition of employers, insurers, life science companies, PBMs, brokers, agents, patient groups, and physician organizations – applauded an announcement today from leading healthcare industry stakeholders on a new approach to improve transparency in drugmakers' television advertisements.
Industry group PhRMA announced that its member companies will soon begin directing patients to information about the cost of their medication - including list prices, out-of-pocket costs, and available financial assistance - in their direct-to-consumer (DTC) ads.
To do this, the organization will partner with healthcare leaders such as CancerCare, the National Alliance on Mental Illness, the National Consumers League, the National Community Pharmacists Association, the National Hispanic Council on Aging and the National Medical Association, to develop a searchable, online "patient affordability platform" slated to launch in early 2019.
CAHC President Joel White released the following statement applauding the announcement:
“CAHC members know that transparency is the key to unlock greater competition and to ultimately drive down healthcare costs. When consumers are empowered with tools to understand the real cost of their medicines and compare their options, markets will respond. We applaud today’s announcement, which will help to create clarity in place of the confusion that too often surrounds drug costs today,” said CAHC President Joel White. “We still have much work ahead to improve prescription drug affordability and access –starting with removing bureaucratic impediments to innovative payment models that accelerate the shift toward value-based care – but this marks an important step that promises to make health markets more transparent, accountable, and consumer-friendly. CAHC commends these leaders for developing this sensible approach and looks forward to its swift implementation.”
About the Council for Affordable Health Coverage
The Council for Affordable Health Coverage (CAHC) is a broad-based alliance with a primary focus: bringing down the cost of health care for all Americans. CAHC promotes policies that lower health costs through increased competition, informed consumers and more choices. Learn more at CAHC.net.