Many Americans struggle to pay for medicines. We want to collaborate on sustainable solutions.
We believe the challenges that patients face are due to a complex healthcare system that continues to evolve. The best approach to viable solutions is through collaboration among pharmaceutical companies, payers, pharmacy benefit managers (PBMs), insurance companies, employers, patient organizations and policy makers.
Transforming the complex pricing system: When it comes to drug pricing, the system can be improved. The system we currently have is very complicated – rebates, discounts, administrative fees, co-pays and deductibles all play a role in what our customers, and people with diabetes, pay. We need to work with all involved to simplify and transform the system.
Creating more pricing predictability: We recognize that customers like PBMs and payers have to effectively manage their healthcare budgets, including anticipating and planning for price increases. We want to be supportive of those efforts. One action we are taking today in support of that is to limit any potential future list price increases to no more than single-digit percentages annually.
Reducing the burden of out of pocket costs: It’s well documented that a growing number of people with high-deductible health plans – health coverage with lower premiums – face higher costs at the pharmacy counter. While high-deductible health plans were designed to lower costs overall, the reality is that people with diabetes are forced to pay more out-of-pocket.