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ACHP Infographic Highlights Troubling Spike in Generic Drug Prices
Washington, D.C. (June 1, 2017) – The Alliance of Community Health Plans (ACHP) has released the latest installment in The Spike in Drug Prices infographic series, focusing on the troubling spike in the cost of generic drugs.
Generics have long helped patients save money by providing a low cost alternative to brand name drugs. But in a troubling shift, paired with a lack of competition in the marketplace, some generics are becoming as costly as brand drugs. Data shows that it’s not just a few specialty drugs that are seeing arbitrary price spikes, it’s also happening amongst common generics that impact Americans with health issues as simple as skin irritation. In the past two years, prices doubled for one-fifth of established generics.
Transparency in drug pricing can help increase competition in the marketplace and help consumers make better choices about their health care. Yet, consumers often lack the information they need.
“We need to address rising drug prices if we want a sustainable and affordable health care system,” said ACHP President and CEO Ceci Connolly. “Patients deserve an explanation for soaring drug prices – and basic transparency from drug companies will help hold them accountable. It’s time for the industry and all stakeholders in this fight to work together to ensure access to affordable medication and treatments.”
ACHP has long been committed to increased transparency in drug pricing, including the disclosure of research and development costs for drug manufacturing and believes that transparency is a critical first step in creating a competitive and effective pharmaceuticals market. ACHP supports the Fair Drug Pricing Act. ACHP also supports the availability and affordability of generic drugs and incentivizing competition for additional drugs to enter the market.
ACHP’s infographic series highlights drug cost trends for widely prescribed drugs within various therapeutic classes and communicates the potential effect of these prices on key stakeholders. For more information, click here.
The Alliance of Community Health Plans (ACHP) is a national leadership organization bringing together innovative health plans and provider groups that are among America’s best at delivering affordable, high-quality coverage and care. ACHP’s member health plans provide coverage and care for more than 18 million Americans across 27 states and the District of Columbia. These organizations focus on improving the health of the communities they serve and are on the leading edge of innovations in affordability and quality of care, including primary care redesign, payment reform, accountable health care delivery and use of information technology. To learn more, go to www.achp.org and follow ACHP on Twitter @_ACHP.