ICMYI - Lance Hastings: Add transparency to lower California medication costs

By CMTA Staff

Capitol Update, Oct. 17, 2019 Share this on FacebookTweet thisEmail this to a friend

IN CASE YOU MISSED IT

Opinion: Add transparency to lower California medication costs

by CMTA President Lance Hastings, October 15, 2019
(Printed in the East Bay Times)

There is unequivocal agreement that Californians are struggling with medicine affordability. California must find cost-saving solutions that provide meaningful relief to both employer and working families, while protecting a critical manufacturing sector that employs 1.3 million workers in our state.

Gov. Gavin Newsom has made medicine affordability one of his top priorities. As he moves forward on this effort, we would encourage him to take a comprehensive approach to driving down costs.

One area to explore seriously is the more than $150 billion in discounts and rebates that biopharmaceutical companies pay each year to pharmacy benefit managers (PBM’s) who negotiate prescription drug coverage. These mega and multibillion-dollar entities are collecting billions in drug rebates with far too little transparency on how those rebates are utilized or shared.

Employers and patients stand to benefit from ensuring that those billions in rebates are passed through to patients to help lower out-of-pocket medicine costs — ensuring patients can afford and have access to needed life-saving medicines ... PDF of entire October 15 article

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