Posted on 10/15/2018 1:49:37 PM PDT by yesthatjallen
Drug companies would be required to include list prices in advertisements under a Trump administration proposal released Monday.
The proposed rule, announced by Health and Human Services Secretary Alex Azar Monday, is the next step in the administration’s efforts to bring down drug prices.
"Patients deserve to know what a given drug will cost when they're being told about the benefits and risks it may have," Azar said during a speech Monday in Washington D.C.
"And they deserve to know when a drug company has pushed its prices to abusive levels, and they deserve to know this every time they see a drug advertised to them on TV."
The pharmaceutical industry opposes the proposal, arguing it would confuse consumers because a drug’s list price is often lower than what the patient will actually pay.
PhRMA, the deep-pocketed trade group representing pharmaceutical companies in the U.S., tried getting ahead of Azar’s announcement, telling reporters Monday morning that its members would begin directing patients to more information about drug costs in television ads.
Every ad mentioning a prescription drug by name will include a voiceover or text telling patients to go to a company-sponsored website where they can find information about the list price, as well as a range of potential out-of-pocket costs and potential patient assistance.
“We want patients to have more cost information and support using direct-to-consumer advertising,” said PhRMA President Steven Ubl, but “just including list prices is not sufficient and would be misleading.”
Azar noted PhRMA's plan in his speech Monday afternoon, but said it doesn't go far enough.
"It is no coincidence that the industry announced a new initiative today that will help make price and cost information more accessible," Azar said.
"We appreciate their effort. The placing information on a website is not the same as putting it in an ad."
I don’t see anything wrong with this.
I am asked all the time how much a drug I am prescribing costs, and even I have no idea.
List prices?
Something tells me the drug companies are going to change their published lists prices tomorrow
Some people in our office work with health insurance claims and are astounded at the costs of some of the meds for which there are so many commercials on TV. Not uncommon for some of them to run $20,000-$30,000 PER MONTH.
One was some VERY expensive drug for insomnia. ?? Just the cost of the drug would cause me to have insomnia.
If they have to share the prices/costs in their ads, it might be very helpful for bringing the costs down.
JMHO
while you are at it, post wholesale auto prices to car dealers
long overdue
Another reaction I have is that, if every fast food place has to tell you how many calories are in every item on the menu in FULL DISCLOSURE, then this is not an unreasonable request for the pharmaceuticals industry.
It’s a great idea.
I’m a physician. I’m also fine with people listing what my fees are, but I have no idea since each insurance company negotiates their own deal, except for the government. And the government will be changing them soon enough anyway.
In reality, little good that does. It’s like shopping at Kohls. The price tag is never the price paid.
It’s a good start. Everyone in the healthcare industry should be required to have pricing disclosures, period.
+1
About time. Must have missed the idea when the Obamacare monstrosity was being spewed out.
Price transparency is the first step in real healthcare reform. Of course the drug companies will fight this tooth and nail. “Ask you doctor if X is right for you for only $2,000/month” would be a real eye opener.
Patients need to understand the connection between all the young well-dressed drug company reps passing through (and sitting in) waiting rooms of physicians, causing the patients to wait sometimes hours after appointment times to see the doctor.
How can they include the price when they don’t know what it will be?
If you ask how much something medical costs, the answer is, “What plan do you have?” What I call “Club Pricing” is a mainstay of this racket. No one knows what anything costs, just a range between the median price and the looting list price if you’re in a bind and uninsured.
If they will do this for drugs, how about autos as well?
Doctors office should have prices of all ICD codes. So you know if your nipple was bitten off by a beaver, the cost of that ICD code is 50 bucks.
This might dissuade the pharma industry from advertising prescription meds on TV altogether. If so, that’s a positive step.
These meds should be prescribed when your doctor thinks you need them. Not because you’ve been triggered to pester him for a scrip with advertising.
I was prescribed a medicine that would have cost over $600/month. I declined. At that price it better have a V6, leather seats and a kicking infotainment system. It’s new on the market and is really just a combination of two established drugs.
I'm willing to pay $75.
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