WASHINGTON, April 6, 2017 /PRNewswire-USNewswire/ -- The Pharmaceutical Research and Manufacturers of America (PhRMA) today unveiled "Share the Savings," a new campaign to educate the public about the lack of rebate pass-through for commercially insured patients with high deductibles and coinsurance.
Robust negotiations between biopharmaceutical companies and health plans result in significant rebates and discounts. According to a recent study from the Berkeley Research Group, more than a third of the list price for brand medicines is rebated back to payers and the supply chain.
Unlike care received at an in-network hospital or physician's office, negotiated discounts for medicines are not shared with patients with high deductibles or coinsurance. A new analysis from Amundsen Consulting, a division of QuintilesIMS, found more than half of commercially insured patients' out-of-pocket spending for brand medicines is based on the full list price. The data also show cost sharing for nearly one in five brand prescriptions is based on the list price.
"We need to ensure patients receive more of the benefit of price negotiations between biopharmaceutical companies and payers," said Stephen J. Ubl, president and chief executive officer of PhRMA. "It is a problem that more and more Americans are being asked by their insurers to pay cost sharing based on undiscounted list prices, even though insurers may be receiving significant rebates. Providing access to discounted prices at the point-of-sale could dramatically lower patients' out-of-pocket costs."
A collection of ads will be featured in print, radio, digital and social channels throughout the year. Advertisements and promotion will run on a variety of platforms in Washington, D.C., and select states.
To learn more about the initiative and view the advertisements visit PhRMA.org/Discounts.
About PhRMAThe Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country's leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives. Since 2000, PhRMA member companies have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $58.8 billion in 2015 alone.
Connect with PhRMAFor information on how innovative medicines save lives, please visit: www.PhRMA.org www.Innovation.org www.GoBoldly.comwww.Facebook.com/PhRMA www.Twitter.com/PhRMA
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Robust negotiations between biopharmaceutical companies and health plans result in significant rebates and discounts. According to a recent study from the Berkeley Research Group, more than a third of the list price for brand medicines is rebated back to payers and the supply chain.
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Unlike care received at an in-network hospital or physician's office, negotiated discounts for medicines are not shared with patients with high deductibles or coinsurance. A new analysis from Amundsen Consulting, a division of QuintilesIMS, found more than half of commercially insured patients' out-of-pocket spending for brand medicines is based on the full list price. The data also show cost sharing for nearly one in five brand prescriptions is based on the list price.
"We need to ensure patients receive more of the benefit of price negotiations between biopharmaceutical companies and payers," said Stephen J. Ubl, president and chief executive officer of PhRMA. "It is a problem that more and more Americans are being asked by their insurers to pay cost sharing based on undiscounted list prices, even though insurers may be receiving significant rebates. Providing access to discounted prices at the point-of-sale could dramatically lower patients' out-of-pocket costs."
A collection of ads will be featured in print, radio, digital and social channels throughout the year. Advertisements and promotion will run on a variety of platforms in Washington, D.C., and select states.
To learn more about the initiative and view the advertisements visit PhRMA.org/Discounts.
About PhRMAThe Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country's leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives. Since 2000, PhRMA member companies have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $58.8 billion in 2015 alone.
Connect with PhRMAFor information on how innovative medicines save lives, please visit: www.PhRMA.org www.Innovation.org www.GoBoldly.comwww.Facebook.com/PhRMA www.Twitter.com/PhRMA
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/phrma-launches-new-share-the-savings-campaign-to-urge-payers-to-share-negotiated-discounts-with-patients-300435764.html
SOURCE Pharmaceutical Research and Manufacturers of America (PhRMA)
