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Maryland’s Prescription Drug Affordability Initiative
Vincent DeMarco, President Maryland Citizens’ Health Initiative
Prescription Drug Affordability Initiative Vincent DeMarco, - - PowerPoint PPT Presentation
Prescription Drug Affordability Initiative Vincent DeMarco, - - PowerPoint PPT Presentation
Marylands Prescription Drug Affordability Initiative Vincent DeMarco, President Maryland Citizens Health Initiative Americas problem with high cost prescription drugs: Pharmaceutical corporations increased the price of 497
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America’s problem with high cost prescription drugs:
- Pharmaceutical
corporations increased the price of 497 drugs in January
- f 2020 alone
- On average, citizens
- f other wealthy
countries spend 56%
- f what we do in the
U.S.
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Why do we pay more?
- Rather than innovation, the single
biggest driver of drug spending comes from price increases on existing medications
- Not only is innovation
supplemented by publicly-funded research, but drug corporations also spend many times more on advertising
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Skyrocketing drug costs impact state and local budgets.
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What can we do? In the absence of federal action, states can work to make prescription drugs more affordable.
- Serves as a watchdog for the Maryland public
- A five-member independent body with the
authority to review the entire pharmaceutical supply chain
- Similar to other public commissions, such as
those that set rates for utilities, insurance, and Maryland hospital rates
Maryland’s Prescription Drug Affordability Board
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Maryland’s Timeline
- Law creating the Board was enacted in 2019 and has been in effect since July 1 of
last year
- Permanent funding source secured in 2020; however was vetoed by the Governor.
We are hopeful that this decision will be overridden when the General Assembly next convenes.
- Beginning work to define “affordability” and looking at high cost medications that
impact Marylanders
- Will begin by making the drugs purchased by state and local governments
more affordable
- Must have a plan to expand its authority to present to the legislature by the end of
2023
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The Prescription Drug Affordability Coalition is working to support these efforts to strengthen the Board.
- The Coalition is comprised of over 400
business, government, labor, community, health, and faith groups, including:
- Maryland Association of Counties (MACo)
- Annapolis City Council
- Baltimore City Council
- Montgomery County Council
- Prince George’s County Council
- Rockville City Council
- Charles County Branch of the NAACP
- Veterans Democratic Club of Charles
County
- Western Charles County Community
Association
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How to join the Coalition:
Visit www.healthcareforall.com/RxResolution
Endorsement of the resolution means that the
- rganization “supports creating a new Prescription
Drug Affordability Board to determine how best to make prescription drugs more affordable for Marylanders, including by: examining the entire drug supply chain, including the role of drug manufacturers and Pharmacy Benefit Managers (PBMs), and establishing payment rates for expensive drugs that create significant affordability problems for Marylanders, building upon Maryland’s successful tradition of health care cost scrutiny.”
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