Have you heard the news? Drug prices are too high

New National Academies of Science report urges action to reduce Rx costs

The Los Angeles Times, National Public Radio and other mainstream media buzzed about a new, 201-page report from the National Academies of Sciences, Engineering and Medicine that found an “urgent” need for the U.S. government to rein in out-of-control prescription drug costs.

“Consumer access to effective and affordable medicines is an imperative for public health, social equity and economic development,” the report concludes. The authors represent a mix of academics, current and former health care professionals and government health officials.

Now that the problem is well-established, what can be done about it? The National Academies recommends several key actions, including:

1. Allow lower-cost generics and biosimilar drugs to come to market sooner. (Big Pharma does a pretty good job of slowing the approval process).
2. Leverage the federal government’s purchasing power to negotiate lower drug prices for patients covered by Medicare or Medicaid.
3. Require greater transparency about how and why drugs are priced.
4. Restrict direct to consumer advertising by pharmaceutical companies. (Studies show many pharmaceutical companies spend more on advertising than research).
5. End incentives for doctors to prescribe or administer high-priced drugs, if others perform just as well.

“High and increasing costs for prescription drugs coupled with the broader trends in overall medical expenditures, which now equals 18 percent of the nation’s gross domestic product, are unsustainable to society as a whole,” Norman Augustine, former CEO of Lockheed Martin Corp. and chairman of the National Academies committee that conducted the study, said in a news release.

National surveys as well as personal stories shared with Voices for Affordable Health, find it’s becoming far too common for Americans to skip a drug prescribed by their doctor simply because the price is too high.

Have you or a loved one had to skip a prescription because of cost?

Join others who have shared their stories with Voices for Affordable Health.