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Adopting Price Controls for U.S. Prescription Drugs: Federal Policy Outlook for 2019 & Beyond
- Overview of U.S. drug industry including key players, revenues and impact on total U.S. healthcare expenditures
- Major elements of the White House drug pricing blueprint
- Key components of the Trump Administration’s drug pricing plan
- Details on how the Administration would benchmark drug prices against other nations
- How the Administration’s drug pricing plan would be a step toward direct Medicare drug negotiation
- Whether a divided Congress in 2019 will or won’t help prospects for the President’s plan
- Key legislative players on drug pricing once Democrats assume House majority in 2019
- Biggest sticking points in the White House drug pricing initiative
- How effective will industry opposition be in policy moves to control drug pricing
- Outlook for U.S. drug pricing in 2019 and beyond
Overview of the webinar
- The cost of prescription drugs in the United States remains a hot-button issue for policymakers and consumers alike
- The vast majority of the public sees drug prices as unreasonably high with one in four people taking prescription drugs reporting difficulty in affording their medication
- The Trump Administration, Congress and and federal policymakers have focused growing attention on potential actions to address drug costs, including regulatory and legislative changes that affect both Medicare and Medicaid as well as private insurance
- Most recently, the White House unveiled a new plan for reducing drug prices: letting Medicare set prices based on an international index. Unlike previous attempts at controlling the costs, the proposal would be carried out via the regulatory process and therefore would not require approval by Congress
- The President’s FY 2019 Budget proposed a number of policies impacting drug spending in Medicare, including making changes to Part D plan formulary standards and protected classes; excluding manufacturer discounts when calculating out-of-pocket costs for beneficiaries in the so-called “donut hole”; and giving the HHS Secretary the authority to move certain Part B drugs into Part D
- Earlier in 2018, the Administration released a drug pricing Blueprint which combines proposals that are already under way with new initiatives that may or may not be adopted. In fact, many of the more dramatic proposals would require federal rule making or even legislation to be implemented on a broad scale. In one notable initiative, the Centers for Medicare and Medicaid Services (CMS) has already proposed a rule to require drug manufacturers to list a product’s monthly wholesale price, or the cost for a typical course of treatment, if it is greater than $35 for 30 days. rule is to reduce drug prices overall. In discussing lower prescription drug prices, President Trump has stressed that supply chain intermediaries, or “middlemen,” are capturing much of the money that is often categorized as drug spending
Who should attend?
- Chief Operating Officer
- Chief Financial Officer
- Chief Technology Officer
- Chief Data Officer
- Chief Information Officer
- Chief Compliance Officer
- Chief Knowledge Officer
- Chief Medical Officer
- Chief Marketing Officer
- Vice President
- Senior managers
- Director
- Sales
- Finance
- Distribution
- Planning
- Business Development
Why should you attend?
- The pharmaceutical industry is under mounting government scrutiny because of rapidly increasing expenditures for drugs in the United States. Drug expenditures are now the fastest-growing component of U.S. healthcare costs, increasing at an unsustainable rate of about 15 percent per year
- It is now estimated that total prescription drug spending comprises anywhere between 10-15% of the $3.3 trillion price tag for total U.S. healthcare expenditures
- Policy initiatives being advanced by the Trump Administration including a controversial drug price control plan along with a strong legislative push expected to be mounted starting in 2019
- The new Democratic majority in the House, understanding how this is most likely to unfold in the months ahead will help determine the future impact of federal policy on prescription drug pricing in 2019 and leading up to the 2020 U.S. general election
- Depending on the outcome of the these policy efforts, potentially billions of dollars are at risk for both drug manufacturers and middlemen such as pharmacy benefit managers
Faculty - Mr.Dennis Weissman
Dennis Weissman, A nationally recognized, independent analyst and thought leader in the diagnostic field for over three decades, Dennis is President of Dennis Weissman & Associates, LLC, Falls Church, VA, a consultancy which provides market intelligence, M&A advisory services, business leadership and public policy advice to diagnostic and life science companies and organizations. He has expertise in Medicare and health care reform policies and trends; clinical lab and pathology payment & compliance policies as well as business trends affecting the diagnostic sector. Dennis founded and served as publisher of Washington G-2 Reports (now G2 Intelligence) through 1999, an information company that reports on and analyzes the U.S. clinical laboratory industry via newsletters, research reports and conferences. Prior to G2, he served as the Director of the Washington Office of the American Society for Medical Technology (now ASCLS) and before that, Special Assistant to the Deputy Assistant Secretary for Health, Department of Health, Education & Welfare (now HHS).