Biopharma in the Crosshairs at State Capitol

The biopharma industry was recently front and center—and in the crosshairs—at the state Capitol.
Hearings were held on three bills concerning “predatory” pharmaceutical pricing (SB 442), pharmaceutical price “transparency” (SB 445),  and drug prices (SB 925).
CBIA’s Bioscience Growth Council sought to help lawmakers understand that these bills focus on a relatively small component of the healthcare equation, and that consumers and patients are better served if legislators took a broader approach that addressed the complete issue at hand—the total cost of healthcare.
Viewed in the context of overall healthcare spending, prescription medicines comprise a comparatively small share of costs—10% to 15%—a number that has remained remarkably consistent since World War II.
Much of the debate at the Capitol appears rooted in a misguided belief that prescription medicines are the main reason for escalating healthcare costs.
To control healthcare spending, it’s critical that lawmakers understand the value, efficiency, and cost of healthcare delivery provided by all players in the healthcare system.

Transparency Best Informs Debate

Focusing solely on prescription costs ignores the reality that medicines add value and can lower overall healthcare costs.
Often, their cost is less than the medical treatment they replace.
Consider HIV medications that allow patients to remain healthy and in the workforce decades after diagnosis. The medications are far cheaper than hospitalization and palliative care.
This is important to patients, and our economy, as well, which is why it needs to be equally transparent to lawmakers.
Connecticut has made substantial investments in life sciences innovation.
We describe ourselves as “the life sciences state,” and view the industry as a way to rebuild our economy and create high-paying jobs and careers for our citizens.
Legislation should not weigh down this important industry with additional regulatory burdens that slow innovation, job creation, and the development of treatments and cures for patients.

For more information, contact CBIA Bioscience Growth Council executive director Paul Pescatello (860.244.1938) | @CTBio