Free Daily Headlines :

  • COVID-19
  • Vaccine Info
  • Money
  • Politics
  • Education
  • Health
  • Justice
  • More
    • Environment
    • Economic Development
    • Gaming
    • Investigations
    • Social Services
    • TRANSPORTATION
  • Opinion
    • CT Viewpoints
    • CT Artpoints
DONATE
Reflecting Connecticut’s Reality.
    COVID-19
    Vaccine Info
    Money
    Politics
    Education
    Health
    Justice
    More
    Environment
    Economic Development
    Gaming
    Investigations
    Social Services
    TRANSPORTATION
    Opinion
    CT Viewpoints
    CT Artpoints

LET�S GET SOCIAL

Show your love for great stories and out standing journalism
CT VIEWPOINTS -- opinions from around Connecticut

Common sense Medicare changes can help patients, boost economic growth

  • CT Viewpoints
  • by Tony Sheridan
  • June 28, 2019
  • View as "Clean Read" "Exit Clean Read"

Connecticut is becoming a major player in the bioscience industry. In fact, the biopharmaceutical sector added $17.5 billion to the Connecticut economy in 2015 and created a total of 56,204 jobs. As Congress continues to debate changes aimed to lower the cost of prescription drugs, the Chamber of Commerce Eastern Connecticut urges Members of Congress to support plans that also encourage future medical innovation and drug development by preserving access to a range of drug options, so this booming industry can continue to thrive.

One effective way to maintain access but cut out-of-pocket costs for prescription drugs would be to institute changes in how Pharmacy Benefit Managers (PBMs) distribute rebates within the Medicare Part D program. PBMs are the third-party middlemen that negotiate drug prices between insurers and manufacturers.

Right now, that process lacks transparency and rebates routinely offered by drug companies oftentimes are not reflected in the list price we pay at the pharmacy counter. Instead, the discounts go to insurers or the PBMs themselves, increasing costs for end users.

This opaque system not only creates financial burdens for patients, but it can also lead to health complications. Studies have found that almost 50 percent of patients choose to forgo their prescriptions when the out-of-pocket cost is over $200. Nonadherence to treatment can have serious consequences and end up costing the system more when chronic illnesses go unmanaged.

Fortunately, there are multiple proposals under consideration to make PBMs share rebates and discounts with Part D beneficiaries, or at least publicly disclose their rebate distributions. Patients could then use that information to make informed decisions resulting in better health outcomes and cost savings.

While rebate reform aims to lower costs without restricting drug access, the same cannot be said for international reference pricing proposals that would significantly impact Medicare Part B’s payment structure.

Currently, reimbursements for pharmaceuticals covered under Part B are market based, a system that is already successful in keeping costs under control. But some members of Congress and the Administration want to change to a reimbursement system that would base costs on the prices paid by selected foreign governments with socialized health care plans.

These proposals prioritize government savings and ignore the fact that emulating those below-market foreign prices could result in serious access challenges for patients, denying them the use of many cutting-edge drugs, including some used to treat conditions like cancer or rheumatoid arthritis. In fact, the U.S. Department of Health and Human Services analyzed 27 different drugs and found that in 16 foreign countries – many of which will be used for Part B cost determinations – only 11 of the medications were available to patients. In contrast, U.S. patients had access to all of them.

From an economic standpoint, international reference pricing would directly reduce investments in U.S. pharmaceutical R&D by as much as $50 billion over eight years, one study says. In Connecticut, where we rank 4th in the nation in bioscience patents per capita, that could mean slower growth, fewer jobs, and a bioscience industry less capable of continuing to develop potentially life-saving new medicines.

There is definitely room for improvement in Medicare and the Chamber of Commerce Eastern Connecticut strongly encourages Congress to actively pursue effective policy changes. We just want them to be sure that the changes they endorse put patients first, but still maintain the strength of the bioscience industry both here in Connecticut and across the entire nation.

Tony Sheridan is president and CEO of the Chamber of Commerce of Eastern Connecticutand chairman of the Connecticut Airport Authority Board of Directors.

CTViewpoints welcomes rebuttal or opposing views to this and all its commentaries. Read our guidelines and submit your commentary here.

Sign up for CT Mirror's free daily news summary.

ABOUT THE AUTHOR

SEE WHAT READERS SAID

RELATED STORIES
Connecticut should work to reduce rates of inmate calling services 
by David Lamendola

Many telecommunications issues are really complicated and only interesting to a handful of policy-oriented folks. But once in a while an issue arises that has easily understandable implications for all of society. High rates for inmate calling services (ICS) is one of these issues. The way it usually works is that an incarcerated person make collect calls from detention facilities, and their family pays the bill. Unfortunately, some providers charge extremely high rates for these calls – a 15 minute phone call to a loved one costs an incarcerated person $5 in Connecticut.

The public health bill no one is talking about, but should be
by Brian Festa

On February 16,  the legislature's Public Health Committee conducted a public hearing on two bills, S.B. 568 and H.B. 6423, both of which would eliminate the religious exemption to mandatory vaccinations for Connecticut schoolchildren.  The hearing was capped at 24 hours, depriving nearly 1,500 members of the public who had registered for the hearing their opportunity to be heard.  The vast majority of those who did testify, and who submitted written testimony, opposed the bill.  The committee is expected to vote on the bill as early as  today. 

Students need more resources, fewer officers
by Tenille Bonilla

"School resource officer" is just a nice way to say cop. But what students really need is more resource and less officer.

The Board of Regents’ changes must not shortchange its students or faculty
by Carrie Andreoletti, PhD

As a university professor and a lifespan developmental psychologist, I tend to approach my work from a developmental perspective. This means I aim to foster a lifelong love of learning and to help others find a sense of meaning and purpose, as well as confidence in their ability to reach their goals. My approach to higher education is shaped by my desire to provide the best possible education for my students. This is why the recent Board of Regents’ proposed changes at the four state universities have me worried.

How to close schooling opportunity gaps created by the pandemic
by Carol Gale

We ask school district leaders to trust your public servants whose daily work life involves assessing student needs and planning or modifying instruction to meet those needs. Listen to their voices, as we have, and allocate precious resources on interventions that will offer increased opportunities for Hartford students to succeed.

Support Our Work

Show your love for great stories and outstanding journalism.

$
Select One
  • Monthly
  • Yearly
  • Once
Artpoint painter
CT ViewpointsCT Artpoints
Opinion The public health bill no one is talking about, but should be
by Brian Festa

On February 16,  the legislature's Public Health Committee conducted a public hearing on two bills, S.B. 568 and H.B. 6423, both of which would eliminate the religious exemption to mandatory vaccinations for Connecticut schoolchildren.  The hearing was capped at 24 hours, depriving nearly 1,500 members of the public who had registered for the hearing their opportunity to be heard.  The vast majority of those who did testify, and who submitted written testimony, opposed the bill.  The committee is expected to vote on the bill as early as  today. 

Opinion Students need more resources, fewer officers
by Tenille Bonilla

"School resource officer" is just a nice way to say cop. But what students really need is more resource and less officer.

Opinion The Board of Regents’ changes must not shortchange its students or faculty
by Carrie Andreoletti, PhD

As a university professor and a lifespan developmental psychologist, I tend to approach my work from a developmental perspective. This means I aim to foster a lifelong love of learning and to help others find a sense of meaning and purpose, as well as confidence in their ability to reach their goals. My approach to higher education is shaped by my desire to provide the best possible education for my students. This is why the recent Board of Regents’ proposed changes at the four state universities have me worried.

Opinion How to close schooling opportunity gaps created by the pandemic
by Carol Gale

We ask school district leaders to trust your public servants whose daily work life involves assessing student needs and planning or modifying instruction to meet those needs. Listen to their voices, as we have, and allocate precious resources on interventions that will offer increased opportunities for Hartford students to succeed.

Artwork Grand guidance
by Anne:Gogh

In a world of systemic oppression aimed towards those of darker skintones – representation matters. We are more than our equity elusive environments, more than numbers in a prison and much more than victims of societal dispositions. This piece depicts a melanated young man draped in a cape ascending high above multiple forms of oppression. […]

Artwork Shea
by Anthony Valentine

Shea is a story about race and social inequalities that plague America. It is a narrative that prompts the question, “Do you know what it’s like to wake up in new skin?”

Artwork The Declaration of Human Rights
by Andres Chaparro

Through my artwork I strive to create an example of ideas that reflect my desire to raise social consciousness, and cultural awareness. Jazz music is the catalyst to all my work, and plays a major influence in each piece of work.”

Artwork ‘A thing of beauty. Destroy it forever’
by Richard DiCarlo | Derby

During times like these it’s often fun to revisit something familiar and approach things with a different slant. I have been taking some Pop culture and Art masterpieces and applying the vintage 1960’s and 70’s classic figures (Fisher Price, little people) to the make an amusing pieces. Here is my homage to Fisher -Price, Yellow […]

Twitter Feed
A Twitter List by CTMirror

Engage

  • Reflections Tickets & Sponsorships
  • Events
  • Donate
  • Newsletter Sign-Up
  • Submit to Viewpoints
  • Submit to ArtPoints
  • Economic Indicator Dashboard
  • Speaking Engagements
  • Commenting Guidelines
  • Legal Notices
  • Contact Us

About

  • About CT Mirror
  • Announcements
  • Board
  • Staff
  • Sponsors and Funders
  • Donors
  • Friends of CT Mirror
  • History
  • Financial
  • Policies
  • Strategic Plan

Opportunity

  • Advertising and Sponsorship
  • Speaking Engagements
  • Use of Photography
  • Work for Us

Go Deeper

  • Steady Habits Podcast
  • Economic Indicator Dashboard
  • Five Things

The Connecticut News Project, Inc. 1049 Asylum Avenue, Hartford, CT 06105. Phone: 860-218-6380

© Copyright 2021, The Connecticut News Project. All Rights Reserved. Website by Web Publisher PRO