Debra Barrett, Executive Director of the Coalition for Affordable Prescription Drugs (CAPD), a broad-based group of health care purchasers – employers, public sector employees and retirees, unions – and PBMs who work on behalf of patients to keep medicine affordable, issued the following statement in response to the announcement by President Donald Trump and HHS Secretary Alex Azar during remarks at HHS on Thursday, October 25th:
CAPD appreciates the Trump Administration recognizing the role that competition and private sector negotiating tools could play in Medicare Part B. We agree with the Administration’s focus on one of the largest drivers of spending growth on prescription drugs in Medicare: single-source drugs and biologics that face no competition. As the Administration continues to shape the model and collect input from stakeholders, we encourage them to incorporate the pharmacy benefit manager (PBM) tools already being used in Medicare Part D and the private sector to negotiate lower drug prices.”
“Research estimates that PBMs will deliver $900 billion in savings for Medicare Part D over the next ten years. There is potential for broader application of PBM tools to achieve even greater savings in Medicare Part B. We look forward to submitting comments to show how PBMs can use their negotiating power and other proven private sector tools to deliver savings and keep patients’ premiums stable.