24 January 2018 - Today, as part of the Let's Talk About Cost campaign, PhRMA launched LetsTalkAboutCost.org, a national consumer-facing website to provide consumers with easy-to-understand information about the cost and coverage of medicines.
The new site utilises an interactive quiz format to educate consumers about medicine spending and pricing trends, insurance coverage of medicines, the biopharmaceutical supply chain, the role of hospital markups and other health care cost issues.
While spending on retail medicines grew just 1.3% in 2016, according to new National Health Expenditures data, unfortunately it doesn't feel that way for consumers. More than one-third of a medicine's list price is often rebated back to middlemen, like insurers and pharmacy benefit managers. These discounts and rebates create savings of more than $100 billion, but insurers don't always share these savings with patients. The new site walks through this information and includes resources and reports to help consumers better understand the dynamics of the competitive marketplace for medicines.