Strategies to Address High Prescription Drug Costs in Michigan
Addressing the High
Cost of Prescription
Drugs in Michigan
Proposed Opportunities for the Prescription
Drug Task Force
Background
•
Rising Cost of Prescription
Drugs
•
Challenges to Addressing
Costs
•
Opportunities Available
Transparency
•
Disclosure of Certain Cost
Information
•
Require Notification of Price
Increases
•
Require Prescriber Price
Awareness
Accountability
•
Pharmacy Benefit Manager
Licensing
•
License Pharmaceutical Sales
Representative
•
Repeal Drug Industry
Immunity Law
Accessibility
•
Importation from Canada
•
Public Production
•
Challenge Monopoly Power
•
Value-Based Contracting (Pay
for Performance)
Affordability
•
Affordability Board
•
Cap Co-pay for Consumers
•
Rate Setting and Spending Targets
•
Prescription Drug Emergency
Fund
•
Tax Drug Price Increases Greater
Than The Rate of Inflation
•
Tax Credit for Insulin
Proposal recommendations for the Prescription Drug Task Force in Michigan include enhancing transparency in cost information, holding stakeholders accountable, improving accessibility to drugs from Canada, ensuring affordability through rate setting and tax credits, and implementing measures to address the rising costs of prescription drugs.
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Presentation Transcript
Addressing the High Cost of Prescription Drugs in Michigan Proposed Opportunities for the Prescription Drug Task Force
Background Rising Cost of Prescription Drugs Challenges to Addressing Costs Opportunities Available
Transparency Disclosure of Certain Cost Information Require Notification of Price Increases Require Prescriber Price Awareness
Accountability Pharmacy Benefit Manager Licensing License Pharmaceutical Sales Representative Repeal Drug Industry Immunity Law
Accessibility Importation from Canada Public Production Challenge Monopoly Power Value-Based Contracting (Pay for Performance)
Affordability Affordability Board Cap Co-pay for Consumers Rate Setting and Spending Targets Prescription Drug Emergency Fund Tax Drug Price Increases Greater Than The Rate of Inflation Tax Credit for Insulin
