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Prescription Medicines:
Costs in Context
Updated August 2016
Medicines Benefit Patients, the Health Care
System and the Economy
Medicines are Transforming the Treatment
OF DEVASTATING DISEASES
HEPATITIS C
The leading cause of liver transplants and the
reason liver cancer is on the rise – is now curable
in more than 90 percent of treated patients.*
CANCER
New therapies have contributed to a 23% decline
in the cancer death rate since its peak in 1991.
Today, 2 out of 3 people diagnosed with cancer
survive at least 5 years.**
HIGH CHOLESTEROL
America’s biopharmaceutical companies are
currently developing 190 medicines to treat heart
disease, stroke and other cardiovascular diseases.
New PCSK9 inhibitors have revolutionized high
cholesterol treatment. Between 1991 and 2011, the
death rate from heart disease dropped 46%.***
Gov. Hogan’s Cancer is in
Remission, 30 Days After
He Completed Chemo
Former President
Jimmy Carter Says He is
Free of Cancer
November 16, 2015
December 6, 2015
MORE THAN 7,000 MEDICINES ARE IN DEVELOPMENT
Around the World
NOTE: Each product is counted exactly once, regardless of the number of indications pursued.
MEDICINES IN DEVELOPMENT
Developing New Treatments and Cures
IS A COMPLEX AND RISKY UNDERTAKING
On average, it takes more than
10 years and $2.6B to research and develop a new medicine.*
BETWEEN 1998 AND 2014
Unsuccessful
Attempts
Successful
Attempts
123
Alzheimer’s Disease**
96
Melanoma***
167
Lung Cancer***
4
Alzheimer’s Disease
7
Melanoma
10
Lung Cancer
Just
12%
of drug candidates that enter
clinical testing are approved
for use by patients
Medicines Help Patients
AVOID EXPENSIVE HOSPITAL SERVICES
The U.S. health care system could save $213 billion annually
if medicines were used properly*
Adherence to Medicines Lowers Total Health Spending for Chronically Ill Patients**
MEDICINES PROVIDE CRITICAL SAVINGS
to the U.S. Health Care System
Estimated 10-Year savings to Medicare from
improved adherence to congestive
heart failure medications, 2013-2022*
$22.4 billion
Costs avoided by 2050 if we develop a new
medicine that delays the onset of
Alzheimer’s disease by
just five years**
$367 billion
CASE STUDY
As HIV/AIDS Treatment Improved
SPENDING BECAME SUSTAINABLE
The Biopharmaceutical Sector is the
SINGLE LARGEST FUNDER OF BUSINESS R&D
IN THE UNITED STATES
The Biopharmaceutical Industry’s
IMPACT ON THE U.S. ECONOMY
Nearly 4.5 Million Jobs
ECONOMIC OUTPUT
FROM INDUSTRY $1.2 Trillion
Nearly
$311 Billion
paid in wages and benefits
Annual average compensation of
$123,108 IN DIRECT JOBS
is more than twice the average
annual salary for all other jobs.
Prescription Drug Costs in
Perspective
Medicines Account for a
STABLE SHARE OF HEALTH CARE SPENDING
Federal Government Projects
MEDICINE SPENDING WILL GROW IN LINE WITH HEALTH SPENDING
GROWTH IN OTHER HEALTH CARE SERVICES WILL BE FIVE TIMES
Total Medicine Spending Growth Through Next Decade
Projected Annual Growth in Spending ($ Billions)
(10-year cumulative
increase: $2,044 billion)
(10-year cumulative
increase: $390 billion)
BRAND MEDICINE NET PRICE GROWTH SLOWED IN 2015
as Discounts, Rebates Negotiated by Payers Rose Sharply
POWERFUL PURCHASERS NEGOTIATE DRUG PRICES
Negotiating power is increasingly concentrated among fewer pharmacy benefit managers (PBMs), with the
TOP THREE PBMS ACCOUNTING FOR THREE QUARTERS OF THE MARKET.
CASE STUDY
Critics Proven Wrong on Hepatitis C Medicine Spending
What payers claimed would happen
“[I]t forces payers…to consider whether or not they
can even sustain the pharmacy benefit they provide
to members.”
– EXPRESS SCRIPTS (OCTOBER 2014)
“What they have done with this particular drug will break
the country…It will make pharmacy benefits no longer
sustainable. Companies just aren’t going to be able to
handle paying for this drug.”
– EXPRESS SCRIPTS (APRIL 2014)
“Never before has a drug been priced this high to treat a
patient population this large, and the resulting costs will
be unsustainable for our country. The burden will fall
upon individual patients, state and federal governments,
and payers who will have to balance access and
affordability in a way they never have had to before.”
– EXPRESS SCRIPTS (APRIL 2014)
What actually happened
“Hepatitis C is the first example where price is lower in the
U.S. vs. Western Europe because of our negotiations.”
– EXPRESS SCRIPTS (DECEMBER 2015)
“The price is sufficiently low that we can go to our clients
and say that they can treat every patient with hepatitis C.”
– EXPRESS SCRIPTS (JANUARY 2015)
“Our clients will save more than $1 billion this year on
hepatitis C medications, and we will financially guarantee
that their patients will adhere to their therapy.”
– EXPRESS SCRIPTS (JANUARY 2015)
“After our deal, other payers have begun to follow suit and
negotiate their own arrangements with either AbbVie or
Gilead. Because of our initial action, these follow-up
negotiations will ultimately lower the national spend on
hepatitis C drugs by more than $4 billion annually.”
– EXPRESS SCRIPTS (JANUARY 2015)
CASE STUDY
Critics Proven Wrong on High Cholesterol Medicine Spending
What payers claimed would happen
“These drugs are not only expensive but they present a
financial challenge to the health care industry.”
– HARVARD PILGRIM HEALTH CARE (SEPTEMBER 2015)
“While these drugs are being viewed as breakthroughs,
they also have the potential to wreck financial havoc on
clients who do not proactively manage.”
– EXPRESS SCRIPTS (JULY 2015)
“Given the number of people potentially eligible for
treatment with PCSK9 will number in the millions, the
potential overall expenditures by payers are huge.”
– CVS HEALTH (JULY 2015)
What actually happened
“We are in a situation where we can bargain with the
drug manufacturers to get a significant discount in
return for an exclusive deal.”
– CVS HEALTH (NOVEMBER 2015)
“We were able over the course of tough negotiations
to get good economics on both products.”
– EXPRESS SCRIPTS (OCTOBER 2015)
“We feel very confident we can manage this and this
won’t mess up our clients’ budgets in 2016.”
– EXPRESS SCRIPTS (OCTOBER 2015)
Insurers’ Data Show
MEDICINES ARE NOT MAIN DRIVER OF
PREMIUM INCREASES
Average Dollar Increase in Monthly Premium by Category,
2016 Individual and Small Group Plans
“Pharmaceutical expenses may
be the factor most open to
exploitation by health plans
searching for a Trojan horse with
which to usher in excessively
priced insurance rates.”
—Consumers Union
in San Francisco
Nearly 9 Out of Every 10 U.S. Prescriptions
ARE FILLED WITH GENERICS
Medical Procedures Become More Expensive Over Time,
BUT COST CONTAINMENT IS BUILT INTO MEDICINE LIFE CYCLE
Example
THEN & NOW
How Prescription Drug Prices Fall Significantly Over Time
$93 BILLION OF U.S. BRAND SALES
are Projected to Face Generic Competition
Changes in the Prescription Medicine
Marketplace: Challenges and
Opportunities
Economics of Medicines Have
CHANGED MARKEDLY IN RECENT YEARS
THE SCIENCE IS HARDER
AND MORE COSTLY
Researchers targeting more
complex diseases
Rise of personalized medicine
Higher regulatory hurdles
Longer, more complex
clinical trials
Genomics/molecular medicine
are complex new frontiers
Increased cost of R&D
THE MARKET
IS TOUGHER
Slow uptake of new medicines/
rapid adoption of generics
Eroding intellectual
property (IP) protections
Increased patient cost-sharing
and coverage restrictions
Providers increasingly
accountable for cost of care
Increase in required government rebates
BIOPHARMACEUTICAL
INNOVATION
2 • Research and Development
Cost to Develop a New Medicine
MORE THAN DOUBLED OVER PAST DECADE
INCREASING INTELLECTUAL PROPERTY THREATS
Cause Uncertainties and Costs for Biopharmaceutical Companies
Intensified efforts to invalidate patents
Continued efforts to reduce or eliminate
data and market exclusivity
Generic challenges to patents
happening earlier and more frequently
reducing patent life for innovator drugs
‘Patent Death Squads’ vs. Innovation
The Patent Trial and Appeal Board
was supposed to make the system
better. It hasn’t. — By Peter J. Pitts
June 10, 2015
3 • Market Dynamics
COMPANIES RACE TO BE FIRST TO MARKET
with a New Medicine
Competing brands generally launch within two years.
Time Between Approval of First and
Second Medicines in a Pharmacologic
Class Has Declined Dramatically
3 • Market Dynamics
RAPID CHANGE IN THE MARKET
for Medicines
VALUE-BASED
INSURANCE DESIGN
CLINICAL
PATHWAYS
ACCOUNTABLE CARE
ORGANIZATIONS
PROVIDERS AT RISK
FOR MEDICINE COSTS
BUNDLED
PAYMENTS
OUTCOME-BASED
ARRANGEMENTS
VALUE ASSESSMENT
FRAMEWORKS
3 • Market Dynamics
Increasing Provider Accountability for Cost of Care and Pathway Compliance is
INFLUENCING PRESCRIBING DECISIONS
THEN NOW
Patients in health plans that incentivize providers
to prescribe certain treatments*
37%
2014
88%
2016 (Projected)
Hospital participation in accountable care
organizations responsible for cost of care**
6%
2011
25%
2014
Medicare payments tied to alternative payment
models which include cost or quality incentives***
0%
2009
30%
2014
Commercial market payments where provider
is at-risk for cost of care****
6%
2013
21%
2014
3 • Market Dynamics
Medicines are Increasingly Put in the
HIGHEST-COST TIER BY INSURANCE COMPANIES
3 • Market Dynamics
Share of Commercial Plans with a
PRESCRIPTION DRUG DEDUCTIBLE IS INCREASING
Patient Assistance Programs Can Play an Important Role in
MAINTAINING PATIENT ACCESS TO MEDICINES
PROMOTE VALUE-DRIVEN HEALTH CARE
• Address barriers to paying for value, develop patient-centered value assessment tools
and support appropriate use of medicines
MODERNIZE THE DRUG DISCOVERY AND DEVELOPMENT PROCESS
• Modernize the FDA to keep pace with scientific discovery and increase efficiency of
generic approvals
ENGAGE AND EMPOWER CONSUMERS
• Make quality and cost information public to aid in decisions and enforce common-sense
rules that prevent discrimination against vulnerable patients
ADDRESS MARKET DISTORTIONS
• Improve risk adjustment models and reform market distorting programs like the 340B
Drug Pricing program
PRAGMATIC SOLUTIONS
to Address Cost Concerns

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Prescription Medicines: Costs in Context

  • 1. Prescription Medicines: Costs in Context Updated August 2016
  • 2. Medicines Benefit Patients, the Health Care System and the Economy
  • 3. Medicines are Transforming the Treatment OF DEVASTATING DISEASES HEPATITIS C The leading cause of liver transplants and the reason liver cancer is on the rise – is now curable in more than 90 percent of treated patients.* CANCER New therapies have contributed to a 23% decline in the cancer death rate since its peak in 1991. Today, 2 out of 3 people diagnosed with cancer survive at least 5 years.** HIGH CHOLESTEROL America’s biopharmaceutical companies are currently developing 190 medicines to treat heart disease, stroke and other cardiovascular diseases. New PCSK9 inhibitors have revolutionized high cholesterol treatment. Between 1991 and 2011, the death rate from heart disease dropped 46%.*** Gov. Hogan’s Cancer is in Remission, 30 Days After He Completed Chemo Former President Jimmy Carter Says He is Free of Cancer November 16, 2015 December 6, 2015
  • 4. MORE THAN 7,000 MEDICINES ARE IN DEVELOPMENT Around the World NOTE: Each product is counted exactly once, regardless of the number of indications pursued. MEDICINES IN DEVELOPMENT
  • 5. Developing New Treatments and Cures IS A COMPLEX AND RISKY UNDERTAKING On average, it takes more than 10 years and $2.6B to research and develop a new medicine.* BETWEEN 1998 AND 2014 Unsuccessful Attempts Successful Attempts 123 Alzheimer’s Disease** 96 Melanoma*** 167 Lung Cancer*** 4 Alzheimer’s Disease 7 Melanoma 10 Lung Cancer Just 12% of drug candidates that enter clinical testing are approved for use by patients
  • 6. Medicines Help Patients AVOID EXPENSIVE HOSPITAL SERVICES The U.S. health care system could save $213 billion annually if medicines were used properly* Adherence to Medicines Lowers Total Health Spending for Chronically Ill Patients**
  • 7. MEDICINES PROVIDE CRITICAL SAVINGS to the U.S. Health Care System Estimated 10-Year savings to Medicare from improved adherence to congestive heart failure medications, 2013-2022* $22.4 billion Costs avoided by 2050 if we develop a new medicine that delays the onset of Alzheimer’s disease by just five years** $367 billion
  • 8. CASE STUDY As HIV/AIDS Treatment Improved SPENDING BECAME SUSTAINABLE
  • 9. The Biopharmaceutical Sector is the SINGLE LARGEST FUNDER OF BUSINESS R&D IN THE UNITED STATES
  • 10. The Biopharmaceutical Industry’s IMPACT ON THE U.S. ECONOMY Nearly 4.5 Million Jobs ECONOMIC OUTPUT FROM INDUSTRY $1.2 Trillion Nearly $311 Billion paid in wages and benefits Annual average compensation of $123,108 IN DIRECT JOBS is more than twice the average annual salary for all other jobs.
  • 11. Prescription Drug Costs in Perspective
  • 12. Medicines Account for a STABLE SHARE OF HEALTH CARE SPENDING
  • 13. Federal Government Projects MEDICINE SPENDING WILL GROW IN LINE WITH HEALTH SPENDING
  • 14. GROWTH IN OTHER HEALTH CARE SERVICES WILL BE FIVE TIMES Total Medicine Spending Growth Through Next Decade Projected Annual Growth in Spending ($ Billions) (10-year cumulative increase: $2,044 billion) (10-year cumulative increase: $390 billion)
  • 15. BRAND MEDICINE NET PRICE GROWTH SLOWED IN 2015 as Discounts, Rebates Negotiated by Payers Rose Sharply
  • 16. POWERFUL PURCHASERS NEGOTIATE DRUG PRICES Negotiating power is increasingly concentrated among fewer pharmacy benefit managers (PBMs), with the TOP THREE PBMS ACCOUNTING FOR THREE QUARTERS OF THE MARKET.
  • 17. CASE STUDY Critics Proven Wrong on Hepatitis C Medicine Spending What payers claimed would happen “[I]t forces payers…to consider whether or not they can even sustain the pharmacy benefit they provide to members.” – EXPRESS SCRIPTS (OCTOBER 2014) “What they have done with this particular drug will break the country…It will make pharmacy benefits no longer sustainable. Companies just aren’t going to be able to handle paying for this drug.” – EXPRESS SCRIPTS (APRIL 2014) “Never before has a drug been priced this high to treat a patient population this large, and the resulting costs will be unsustainable for our country. The burden will fall upon individual patients, state and federal governments, and payers who will have to balance access and affordability in a way they never have had to before.” – EXPRESS SCRIPTS (APRIL 2014) What actually happened “Hepatitis C is the first example where price is lower in the U.S. vs. Western Europe because of our negotiations.” – EXPRESS SCRIPTS (DECEMBER 2015) “The price is sufficiently low that we can go to our clients and say that they can treat every patient with hepatitis C.” – EXPRESS SCRIPTS (JANUARY 2015) “Our clients will save more than $1 billion this year on hepatitis C medications, and we will financially guarantee that their patients will adhere to their therapy.” – EXPRESS SCRIPTS (JANUARY 2015) “After our deal, other payers have begun to follow suit and negotiate their own arrangements with either AbbVie or Gilead. Because of our initial action, these follow-up negotiations will ultimately lower the national spend on hepatitis C drugs by more than $4 billion annually.” – EXPRESS SCRIPTS (JANUARY 2015)
  • 18. CASE STUDY Critics Proven Wrong on High Cholesterol Medicine Spending What payers claimed would happen “These drugs are not only expensive but they present a financial challenge to the health care industry.” – HARVARD PILGRIM HEALTH CARE (SEPTEMBER 2015) “While these drugs are being viewed as breakthroughs, they also have the potential to wreck financial havoc on clients who do not proactively manage.” – EXPRESS SCRIPTS (JULY 2015) “Given the number of people potentially eligible for treatment with PCSK9 will number in the millions, the potential overall expenditures by payers are huge.” – CVS HEALTH (JULY 2015) What actually happened “We are in a situation where we can bargain with the drug manufacturers to get a significant discount in return for an exclusive deal.” – CVS HEALTH (NOVEMBER 2015) “We were able over the course of tough negotiations to get good economics on both products.” – EXPRESS SCRIPTS (OCTOBER 2015) “We feel very confident we can manage this and this won’t mess up our clients’ budgets in 2016.” – EXPRESS SCRIPTS (OCTOBER 2015)
  • 19. Insurers’ Data Show MEDICINES ARE NOT MAIN DRIVER OF PREMIUM INCREASES Average Dollar Increase in Monthly Premium by Category, 2016 Individual and Small Group Plans “Pharmaceutical expenses may be the factor most open to exploitation by health plans searching for a Trojan horse with which to usher in excessively priced insurance rates.” —Consumers Union in San Francisco
  • 20. Nearly 9 Out of Every 10 U.S. Prescriptions ARE FILLED WITH GENERICS
  • 21. Medical Procedures Become More Expensive Over Time, BUT COST CONTAINMENT IS BUILT INTO MEDICINE LIFE CYCLE
  • 22. Example THEN & NOW How Prescription Drug Prices Fall Significantly Over Time
  • 23. $93 BILLION OF U.S. BRAND SALES are Projected to Face Generic Competition
  • 24. Changes in the Prescription Medicine Marketplace: Challenges and Opportunities
  • 25. Economics of Medicines Have CHANGED MARKEDLY IN RECENT YEARS THE SCIENCE IS HARDER AND MORE COSTLY Researchers targeting more complex diseases Rise of personalized medicine Higher regulatory hurdles Longer, more complex clinical trials Genomics/molecular medicine are complex new frontiers Increased cost of R&D THE MARKET IS TOUGHER Slow uptake of new medicines/ rapid adoption of generics Eroding intellectual property (IP) protections Increased patient cost-sharing and coverage restrictions Providers increasingly accountable for cost of care Increase in required government rebates BIOPHARMACEUTICAL INNOVATION
  • 26. 2 • Research and Development Cost to Develop a New Medicine MORE THAN DOUBLED OVER PAST DECADE
  • 27. INCREASING INTELLECTUAL PROPERTY THREATS Cause Uncertainties and Costs for Biopharmaceutical Companies Intensified efforts to invalidate patents Continued efforts to reduce or eliminate data and market exclusivity Generic challenges to patents happening earlier and more frequently reducing patent life for innovator drugs ‘Patent Death Squads’ vs. Innovation The Patent Trial and Appeal Board was supposed to make the system better. It hasn’t. — By Peter J. Pitts June 10, 2015
  • 28. 3 • Market Dynamics COMPANIES RACE TO BE FIRST TO MARKET with a New Medicine Competing brands generally launch within two years. Time Between Approval of First and Second Medicines in a Pharmacologic Class Has Declined Dramatically
  • 29. 3 • Market Dynamics RAPID CHANGE IN THE MARKET for Medicines VALUE-BASED INSURANCE DESIGN CLINICAL PATHWAYS ACCOUNTABLE CARE ORGANIZATIONS PROVIDERS AT RISK FOR MEDICINE COSTS BUNDLED PAYMENTS OUTCOME-BASED ARRANGEMENTS VALUE ASSESSMENT FRAMEWORKS
  • 30. 3 • Market Dynamics Increasing Provider Accountability for Cost of Care and Pathway Compliance is INFLUENCING PRESCRIBING DECISIONS THEN NOW Patients in health plans that incentivize providers to prescribe certain treatments* 37% 2014 88% 2016 (Projected) Hospital participation in accountable care organizations responsible for cost of care** 6% 2011 25% 2014 Medicare payments tied to alternative payment models which include cost or quality incentives*** 0% 2009 30% 2014 Commercial market payments where provider is at-risk for cost of care**** 6% 2013 21% 2014
  • 31. 3 • Market Dynamics Medicines are Increasingly Put in the HIGHEST-COST TIER BY INSURANCE COMPANIES
  • 32. 3 • Market Dynamics Share of Commercial Plans with a PRESCRIPTION DRUG DEDUCTIBLE IS INCREASING
  • 33. Patient Assistance Programs Can Play an Important Role in MAINTAINING PATIENT ACCESS TO MEDICINES
  • 34. PROMOTE VALUE-DRIVEN HEALTH CARE • Address barriers to paying for value, develop patient-centered value assessment tools and support appropriate use of medicines MODERNIZE THE DRUG DISCOVERY AND DEVELOPMENT PROCESS • Modernize the FDA to keep pace with scientific discovery and increase efficiency of generic approvals ENGAGE AND EMPOWER CONSUMERS • Make quality and cost information public to aid in decisions and enforce common-sense rules that prevent discrimination against vulnerable patients ADDRESS MARKET DISTORTIONS • Improve risk adjustment models and reform market distorting programs like the 340B Drug Pricing program PRAGMATIC SOLUTIONS to Address Cost Concerns