TRENTON, New Jersey, September 29, 2021 / PRNewswire / – BioNJ, the New Jersey life sciences professional association, today released a new white paper, “Prescription Drug Accessibility Tips: Myths and Facts About the Drug Supply Chain,” which corrects the record of several common myths about Prescription Drug Affordability Boards (PDABs) and their detrimental impact on patients and the medical innovation ecosystem. The BioNJ white paper concludes that policymakers should avoid the creation of a PDAB as a means of controlling drug costs and instead adopt solutions that will improve patient access and save money for the healthcare system, such as the cap on the personal expenses of patients. and using negotiated discounts to provide savings to patients.
“Prescription Drug Affordability Advice Threatens Patient Access to Existing Treatments and Stalls Future Medical Innovations for Hard-to-Treat Conditions,” said BioNJ President and CEO Debbie hart. “BioNJ is committed to working with New Jersey policymakers to implement solutions that ensure patients meaningful access to their medicines, reduce healthcare costs and support the innovation needed for future treatments and treatments. “
The recently released BioNJ white paper provides insight into the complex drug supply chain and addresses the ongoing concern of lawmakers through New Jersey and other states speak out: ensure their constituents have access to the latest and most effective therapies to help them manage medical conditions.
The BioNJ white paper addresses four specific misconceptions about the use of PDABs:
- MYTH: The government is the main research funder.
- MADE: The private sector provides a significantly larger percentage – in order of multitudes – of funding for biopharmaceutical research and development than government sources such as the National Institutes of Health (NIH).
- MYTH: Government price controls will not hurt innovation.
- MADE: Innovation ecosystems where artificial price constraints are in place inevitably see a decline in investment.
- MYTH: Manufacturers control when patients pay the “list” price.
- MADE: Patients hardly ever pay the list price for a prescription due to the complicated drug supply chain where entities such as Pharmacy Benefit Managers (PBMs) sit between the manufacturer and the patient.
- MYTH: Prescription Spending Rises in the United States
- MADE: Drug prices and spending remain relatively stable. In fact, drug spending in the United States grew by only 0.8% in 2020 and increased by only a total of $ 56 per capita since 2010.
Download a copy of the white paper here.
Download an infographic featuring the myths versus the facts here.
BioNJ is the professional association for life sciences in New Jersey with nearly 400 member companies representing life science research organizations and stakeholders across the ecosystem, from the largest biopharmaceutical companies to early stage start-ups. BioNJ is dedicated to ensuring a vibrant ecosystem where science is supported, businesses are created, drugs are developed and patients are paramount. Because Patients Can’t Wait®, BioNJ supports its members in the discovery, development and commercialization of therapies and treatments that save and improve lives and reduce the burden of disease and disease on society by stimulating capital formation, encouraging entrepreneurship, championing public policies that advance medical innovation, providing access to talent and education, and providing an economic range of essential business resources. For more information on BioNJ, please visit www.BioNJ.org.
Click here read the white paper.
Vice-president, communications and marketing