BIO Statement on New Proposal for Lowering Out-of-Pocket Costs for Medicines
WASHINGTON--(BUSINESS WIRE)-- BIO’s President and CEO Jim Greenwood issued the following statement today after the Trump administration released a proposed rule that would alter safe harbor policies under the federal anti-kickback statute:
“BIO strongly supports the goal of this proposed rule to lower out-of-pocket costs for consumers. Every year innovative drugmakers provide tens of billions of dollars in rebates to help expand affordable access to prescription medicines. But far too often these rebates are not passed along to patients and are instead used to pad the profits of middlemen. The current system creates perverse incentives that are driving the affordability crisis many patients face today.
“We firmly believe that the rebates drugmakers provide insurers and other middlemen should be used to lower what patients pay out of pocket for prescription medicines. While we intend to carefully review the details of this proposed rule, we are encouraged the administration is moving forward with market-based reforms that are aimed at lowering out-of-pocket costs for prescription drugs. We urge the administration to adopt a final rule that leads to a fairer system and helps provide more patients affordable access to the medicines they need.”
Source: Biotechnology Innovation Organization