You really can’t watch TV anymore without being fully educated on the myriad of conditions and ailments out there from itchy, dry skin to bladder control and lots of things you can’t really understand unless it affects you. And all of the TV ads feature people just like living life in a fun sort of way thanks to whatever the magic elixir of choice may be. But the exact price of these drugs is somewhat of a mystery for many until they go to see their doctor, run the whole thing through insurance, etc.
But major drugmakers will soon include price information in television advertisements, conceding to the White House demands, but not as far as the administration may have hoped.
Starting April 15, 2019, members of the Pharmaceutical Research and Manufacturers of America trade group will start telling consumers where they can go to find information about costs. These websites are expected to include the list price, as well as estimates for how much consumers are likely to pay with insurance. The idea is that greater price transparency might force manufacturers to lower drug prices.
Now PhRMA opposes this because it says advertising only the list price can mislead consumers and possibly dissuade them from taking potentially life-saving medicines. A drug’s list price is usually the starting point where pharmacy benefit managers and insurers then negotiate to get to the final price the patient pays.
At Moore Benefits, we know this stuff can be confusing and we are here to help you not just “get it” but “rule it” and get back to running your business! Our team of employee benefits and health insurance experts are standing by to answer your questions and help solve your problems.
Drugmakers will soon talk about price in ads — but not as explicitly as Trump administration wants