… and yet their prices grow faster than inflation
Another well-worn talking point is that a drug’s list price — the amount known by the public — is often a mistaken source of public ire because the net price — the one payers actually pay — is usually substantially lower. And so a bunch of researchers crunched the numbers on about 600 drugs and concluded that those all-important net prices rose 60% over 11 years, which was 3.5 times the inflation rate.
As STAT’s Ed Silverman reports, the findings, published in the Journal of the American Medical Association, help pull back the curtain on one of the trickiest facets of analyzing drug prices. Drug companies repeatedly insist that citing increases in list prices is incomplete, if not inaccurate, because those amounts don’t reflect rebates and discounts paid to pharmacy benefit managers to win favorable placement on insurance formularies.
Accounting for those rebates, the research shows that the biggest hikes to net prices took place in the early part of the last decade, and they largely stabilized between 2015 and 2018. That suggests the drug industry has reined in its price increases, but it's worth noting that “the stabilization of net prices comes on top of large increases over the last decade, many times faster than inflation, for products that have not changed over this time period,” said Walid Gellad, an associate professor of medicine who heads the Center for Pharmaceutical Policy and Prescribing at the University of Pittsburgh.
Read more.
As STAT’s Ed Silverman reports, the findings, published in the Journal of the American Medical Association, help pull back the curtain on one of the trickiest facets of analyzing drug prices. Drug companies repeatedly insist that citing increases in list prices is incomplete, if not inaccurate, because those amounts don’t reflect rebates and discounts paid to pharmacy benefit managers to win favorable placement on insurance formularies.
Accounting for those rebates, the research shows that the biggest hikes to net prices took place in the early part of the last decade, and they largely stabilized between 2015 and 2018. That suggests the drug industry has reined in its price increases, but it's worth noting that “the stabilization of net prices comes on top of large increases over the last decade, many times faster than inflation, for products that have not changed over this time period,” said Walid Gellad, an associate professor of medicine who heads the Center for Pharmaceutical Policy and Prescribing at the University of Pittsburgh.
Read more.
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