Drug Prices on TV? They May Be Coming. (Requiring list price disclosures…
Drug Prices on TV? They May Be Coming.
PhRMA companies say they will voluntarily include information in TV ads directing viewers to company websites that provide data on list prices
Typical out-of-pocket costs and sources of financial assistance for patients who need it
With many drugs now costing more than $50,000 a year, many people do need assistance
Johnson & Johnson is going further
It plans to disclose the list prices of its prescription drugs, as well as potential out-of-pocket costs, in television ads.
It will start in the next couple of weeks with its most widely prescribed medicine, Xarelto, a blood thinner, which has a list price of $448 a month.
Requiring list price disclosures could result in increased consumer confusion and potentially deter patients from seeking care,” Robert W. Jones, a vice president for US government relations.
Another said that the price of the lists is inflated and does not represent what patients will pay or what companies receive
What they need to know is how much a drug will actually cost them at the time of sale
Some people think that this measure does not guarantee a reduction in drug prices
Drug companies say such information would be misleading in an advertisement because most consumers pay less than the list price
Drug makers spent nearly $4.5 billion on television advertising of prescription drugs last year, according to Kantar Media.
They are lobbying the White House in an effort to kill or delay the rule
The White House is reviewing the text of a final rule to impose the requirement
Officials could not say how long the White House review would take or when the final rule would be in place.
It contains that it will provide manufacturers with an incentive to reduce their list prices by exposing overly costly drugs to public scrutiny.
Trump made a proposal proposal to require drug companies to disclose the often-high prices of their products in television commercials
He swore last May that he would reduce the drug price and said past week that the prescription drug prices have come down for the first time in 51 years.
He has cancelled dozens of Obama-era regulations affecting financial services, energy and the environment
But he has been willing to impose new rules to stop in what he describes as outrageously high drug prices
Nearly nine in 10 Americans said they supported requiring drug companies to include list prices in their advertisements
Democrats and Republicans were equally likely to favor it
Administration officials say these efforts will be politically popular