|
Recently, the rising prescription drug cost and access issues have dominated the U.S. domestic agenda, sparking debates on issues such as "drug importation" and increased access to generic drugs. But even though some important issues were resolved in 2003, the debate over the value of medicines is unlikely to subside with overall U.S. health-care spending climbing at near double-digit annual rates.
Although prescription drugs account for only 10.5 percent of health-care spending, they are a lightning rod because the sector is growing - thanks primarily to biotech and greater use of pharmaceuticals.
Biotechnology products are only a small part of the overall market for pharmaceuticals, but they are attracting increasing scrutiny from the media and legislators. In response, BIO is supporting a series of independent studies on the value of biotechnology drugs. Those studies will document the impact of biotech medicines on the health-care system and quality of life.
Realizing the Value of FDA-Approved Therapies (March 31, 2007)
by Bruce Pyenson, FSA, MAAA, Principal and Catherine Murphy-Barron, FSA, MAAA
The study, prepared by the international actuarial firm Milliman, Inc. found new innovative therapies, including both new drugs and biologics, will add 1 percent to the healthcare costs covered by private commercial payers, such as insurance companies and employer-sponsored health plans.
Read the study
Read the press release
|
Printer Friendly