PCMA discusses lowering drug costs at Health and Human Services Convention

At the recent Health and Human Services Convention, the increased competition of drugs and the elimination of delays on drug approvals were discussed to improve patient access to drugs and lower costs.

The Food and Drug Administration recently approved a biosimilar drug, which is believed to be a solid step toward increasing competitiveness and decreasing the cost of drugs for consumers and other drug programs.

"The best way to reduce prescription drug costs is to expedite approval of brand and generic drug competitors," Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt said.

The PCMA believes the key steps to increasing competition for drugs includes expediting the approval of brand name drugs and generic drugs to increase competition and effectively lower the cost of drugs.

The PCMA is the national association representing America’s pharmacy benefit managers administer prescription drug plans for more than 210 million Americans with health coverage provided through Fortune 500 employers, health insurance plans, labor unions and Medicare Part D.