ALBANY, N.Y., Sept. 23, 2015 (GLOBE NEWSWIRE) -- An Albany, NY-based health insurer has asked the pharmaceutical industry to "show me the money." CDPHP today called for price transparency and cost controls among drug companies, and launched a website where individuals can show their support.
Inside Look: A Call for Rx Transparency was created in response to a recent rise in pharmaceutical prices. Supporters of drug price transparency can head to the site, show their support, and sign-up to receive valuable information on drug price trends, as well as legislative efforts to control costs.
CDPHP president and CEO, Dr. John D. Bennett says, "Left alone, drug costs will bankrupt our system."
Families across America are battling over how to afford the recent explosion in drug prices, particularly as they relate to specialty pharmaceuticals. In 2014, U.S. spending on prescription drugs totaled nearly $379 billion – a third of which was spent on specialty pharmaceuticals.
"The single biggest threat to the quality and cost of health care today is drug prices. From the skyrocketing cost of specialty pharmaceuticals to the recent rise in generic drug prices, everyday Americans are being forced to choose between fiscal solvency and health. All of this is happening while pharmaceutical companies post record-breaking profits," said Bennett.
Over the last 12 months, the cost of one in 12 generic drugs has doubled, with some price increases exceeding 1,000 percent. For example, the popular asthma medication, albuterol sulfate, jumped from $11 to $434 per inhaler, representing a 4,000 percent price increase.
Six states, including New York, have introduced legislation in support of drug price transparency. If approved, the laws would require pharmaceutical companies to open their books and disclose exactly how much money is being spent on things like marketing, lobbying, and research. "So far, none of the legislation has moved, which is not surprising when you consider the fact that drug companies doled out $32 million in campaign contributions last year alone," said Bennett.
At CDPHP, we believe that high-quality, affordable health care should be accessible to all. That is why we're calling on Big Pharma to open their books and disclose how much money is being spent on things like marketing, lobbying, research. To support the cause and stay up-to-date on information impacting drug prices, head to www.cdphp.com/RxCosts.
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