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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

The NJLSVA was founded to educate suppliers on trends in industry procurement and public policy that affects the life sciences industry.

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Drug Prices

PhRMA Launches ‘Share the Savings’ Campaign to Urge Payers to Share Negotiated Discounts with Patients

Washington, DC, April 7, 2017 — The Pharmaceutical Research and Manufacturers of America (PhRMA) yesterday unveiled “Share the Savings,” a new campaign to educate the public about the lack of rebate pass-through for commercially insured patients with high deductibles and coinsurance.

Robust negotiations between biopharmaceutical companies and health plans result in significant rebates and discounts.

According to a recent study from the Berkeley Research Group, more than a third of the list price for brand medicines is rebated back to payers and the supply chain.  Continue reading

BIO Offers Video Explaining How Drug Costs Are Really Determined

Washington, DC, April 3, 2017 — Today, much of the public debate surrounding the cost of biopharmaceuticals is focused on the list price of an individual drug or treatment regimen.

However, the list price is not what a manufacturer generally makes on the drug, and it typically has little to do with what a patient has to pay for his or her medicine.

To help put this debate into context, the Biotechnology Innovation Organization (BIO) in October unveiled an educational video today designed to give patients, consumers, policy makers and journalists a better understanding of how prescription drug costs are really determined and where the pharmaceutical dollar actually goes. Continue reading

BIO Produces Video Explaining How Drug Costs Are Really Determined

 

Washington, DC, February 11, 2017 — Today, much of the public debate surrounding the cost of biopharmaceuticals is focused on the list price of an individual drug or treatment regimen.

However, the list price is not what a manufacturer generally makes on the drug, and it typically has little to do with what a patient has to pay for his or her medicine.

To help put this debate into context, the Biotechnology Innovation Organization (BIO) is releasing a new educational video today designed to give patients, consumers, policy makers and journalists a better understanding of how prescription drug costs are really determined and where the pharmaceutical dollar actually goes. Continue reading

PhRMA Releases Statement Following Drug Makers’ Meeting with President Trump

Washington, DC, February 1, 2017Pharmaceutical Research and Manufacturers of America (PhRMA) president and CEO Stephen J. Ubl issued the following statement following drug makers’ meeting on January 31 with President Donald J. Trump at the White House:

“This morning, we had a positive, productive meeting with President Trump, Vice President Pence and House Energy and Commerce Chairman Greg Walden, (R-Ore.).

“We talked about how we can work together to improve American competitiveness around the world, create more jobs here at home and enhance the U.S. biopharmaceutical industry that continues to lead the world in the development of lifesaving treatments and cures. Continue reading

BIO Launches Video Explaining How Drug Costs Are Really Determined

BIO Logo New NameWashington, DC, November 9, 2016 — Today, much of the public debate surrounding the cost of biopharmaceuticals is focused on the list price of an individual drug or treatment regimen.

However, the list price is not what a manufacturer generally makes on the drug, and it typically has little to do with what a patient has to pay for his or her medicine.

To help put this debate into context, the Biotechnology Innovation Organization (BIO) is releasing a new educational video today designed to give patients, consumers, policy makers and journalists a better understanding of how prescription drug costs are really determined and where the pharmaceutical dollar actually goes. Continue reading

Report: Drugmakers Take an Average 35 Percent Hit on List Price in Medicare Part D

Medicare Part D 1Washington, DC, October 18, 2016 — Tracy Staton reports in FiercePharma that drugmakers argue that pricing stats are misleading because they don’t account for rebates; like sticker prices on automobiles, they yield far less because of customer discounts.

Now, in a study funded the Pharmaceutical Research and Manufacturers of America (PhRMA), some top pharma number-crunchers find Medicare Part D pays an average of 35 percent less than list price on many commonly used meds.

Unlike Medicaid, where rebates are a set percentage, Medicare rebates and discounts are negotiated by drugmakers and the Part D insurers that cover their products. Continue reading

Tufts CSDD Report: Cost of Bringing New Drug to Market Surpasses $2.8 Billion.

Research 1Boston, MA, September 27, 2016 — The most recent analysis by the Tufts Center for the Study of Drug Development of the average cost to develop and gain marketing approval for a new drug — pegged at $2.558 billion — was published in the May 2016 issue of Journal of Health Economics.

The article contains more detailed analyses and discussion than were presented in November 2014 when Tufts CSDD first disclosed primary results on the cost of developing a new prescription medicine, after having previously submitted the study to the peer-reviewed publication.

The $2.558 billion figure per approved compound is based on estimated average out-of-pocket costs of $1.395 billion and time costs (expected returns that investors forego while a drug is in development) of $1.163 billion. Continue reading

Allergan CEO Announces a ‘Social Contract with Patients’ in a Move to Address Public Fury Over Drug Price Hikes

Brenton L. Saunders

Brenton L. Saunders

Washington, DC, September 7, 2016 — Pharmaceutical company Allergan pledged Tuesday to limit annual price increases on its drugs and to stop hiking prices on medicines right before their patents expire, reports Carolyn Y. Johnson in The Washington Post.

In the announcement published on the company’s website, Allergan Chief Executive Officer Brent Saunders wrote that the company will limit price hikes to once a year and each increase will be no more than a single-digit percentage.

Saunders said Allergan will price its products based at or below their value to patients, based on how much the drugs improve their quality of life and how well they work compared to other drugs.  He added that the company will also disclose how prices are affecting the growth of its business at least once a year. Continue reading

House Ways and Means Chair Won’t Back Trump on Negotiating Medicare Drug Prices

Medicare Part D 1Washington, DC, July 20, 2016 ― Sarah Ferris reports in The Hill that U.S. House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Tuesday shot down one of Donald Trump’s most high-profile healthcare pitches: allowing Medicare to negotiate prescription drug prices.

When asked at a healthcare panel at the Republican National Convention if he would back Trump’s proposal, Chairman Brady flatly said, “No,” prompting laugher in the room, according to Ferris.

“Study after study shows that that will save no money,” Brady told the panel. Continue reading

Report Confirms Competitive Market Works; Net Prices for Medicines Increased 2.8 Just Percent in 2015

Pills red white blueWashington, DC, April 15― On its blog The Catalyst, the Pharmaceutical Research and Manufacturers of America (PhRMA) reports that, despite misleading claims made about spending on new innovative treatments and cures, another report confirms how the competitive biopharmaceutical market works to control costs.

Net prices for brand medicines increased just 2.8 percent in 2015, down from 5.1 percent the prior year as discounts and rebates negotiated by payers rose sharply, according to a new report from IMS Institute for Healthcare Informatics.

The report also projects medicine spending growth will continue to trend down and moderate to 4 to 7 percent, in line with overall health care costs, through 2020. According to IMS, “spending growth in 2014 and 2015 were atypical relative to the long-term trend driven by wider use of hepatitis C treatments and less patent expiry.” Continue reading