Source: National Academy for State Health Policy Pharmacy Costs Workgroup
As part of the 29th Annual State Health Policy Conference held October 17-19 in Pittsburgh, the National Academy for State Health Policy (NASHP) from their Pharmacy Costs Workgroup aimed at addressing the increasingly rising costs of pharmaceuticals. The report identifies 11 market-oriented strategies that are available to states to stabilize rising and unpredictable drug costs. Ohio Medicaid Director John McCarthy participated in the workgroup charged with identifying policy options for states to tackle rising drug prices.
The solutions offered in the newly released findings serve as a toolbox for states. While they recognize the value of the pharmaceutical industry, state policymakers have for some time been engaged in considerable work to maintain the affordability of prescriptions. Despite these efforts, drug pricing and the unpredictability of increases continue to vex state budgets. Annually states spend more than $20 billion on prescription drug coverage for public employees, incarcerated individuals, higher education, and Medicaid.