BIO Joins Diverse Coalition Promoting Market-Based Solutions To Address Prescription Drug Costs, Increase Patient Access And Choice

WASHINGTON--(BUSINESS WIRE)--Today, the Biotechnology Innovation Organization (BIO) joins with a diverse coalition of stakeholders in endorsing a set of pro-competition, free-market-oriented solutions to lower healthcare costs while increasing patient access and choice to the medicines they need. The proposals, “Prescriptions for Competition, Value and Innovation,” were released by the Council for Affordable Health Coverage (CAHC), of which BIO is a member. The CAHC is a diverse coalition of healthcare stakeholders, including patient and consumer advocacy groups, employers, insurers, pharmacy benefit managers, and biopharmaceutical companies.

The proposed solutions focus on five different areas:

• Increasing Competition: Bringing more generic and branded drugs to the market will increase competition, driving down costs and improving patient and provider choice.
• Rewarding Value: Reward improved health outcomes and help to lower costs by reforming legal and regulatory barriers that impede private sector value-based contracting for prescription drugs based on outcomes in care.
• Improving Data Infrastructure and Use: Improving data infrastructure and utilization will increase transparency and improve quality of care, while lowering costs and allowing for more widespread and efficient value and outcomes-based reimbursement contracts.
• Empowering Consumers: Providing consumers with relevant, easily understood information about their drug choices, including information on their cost-sharing obligations, and, for patients without insurance coverage, an average retail price.
• Preserving What Works: Reject proposals that would undermine functioning markets and the thriving biopharmaceutical innovation ecosystem, or jeopardize patient access or safety.

“Last year, BIO released a set of Principles on the Value of Biopharmaceuticals, the first-ever systemic, industry-endorsed set of commitments by research-based biopharmaceutical companies to support comprehensive and sustainable solutions to improve patient access to and affordability of innovative medicines,” said BIO President and CEO Jim Greenwood. “Today’s policy recommendations demonstrate that our industry is serious about following through on our commitment to engage with a broad range of stakeholders to identify and advocate for sound reforms that will improve the ability of patients to obtain and afford the innovative medicines they need – now and in the future.”

“BIO is proud to join this diverse coalition of patients, insurers, PBMs, and employers in endorsing common-sense, free-market policies to lower drug costs and increase patient access and choice,” Greenwood added. “We look forward to working with the Administration and Congress and our coalition allies to secure implementation of these reforms as expeditiously as possible.”

The full set of proposals may be found at the Council for Affordable Health Coverage’s website: https://www.cahc.net/s/CAHC-Prescriptions-for-CVI-v73.pdf

About BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO’s blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.

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