Wednesday, June 24, 2009

PhRMA to find $80 billion in discounts

Our country needs healthcare reform. What's the pharmaceutical companies doing about it? How are they contributing?

PhRMA members are pledging to find $80 billion in discounts. The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading pharmaceutical research and biotechnology companies. This may include reducing drug prices by 50% to seniors in the Medicare Part D “donut hole” coverage gap. The complete details of this plan are still in process and it won't be finalized until the plan is scored by the Congressional Budget Office.

At at a press conference with AARP officials, President Obama made the following statement: “The agreement by pharmaceutical companies to contribute to the health reform effort comes on the heels of the landmark pledge many health industry leaders made to me last month, when they offered to do their part to reduce health spending $2 trillion over the next decade... We are at a turning point in America's journey toward health care reform. Key sectors of the health care industry acknowledge what American families and businesses already know - that the status quo is no longer sustainable. The agreement reached today to lower prescription drug costs for seniors will be an important part of the legislation I expect to sign into law in October. And to do that we're going to have to work together to root out waste and inefficiencies that may pad the bottom line of the insurance industry, but add nothing to the health of our nation. To that end, the pharmaceutical industry has committed to reduce its draw on the health care system by $80 billion over the next 10 years as part of overall health care reform."

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