HealthCare Institute of New Jersey CEO Chrissy Buteas praised the recent announcement by the White House which will lower Medicaid drug prices – and do it through voluntary deals with drugmakers, not mandates.
Buteas, whose group represents some of the state’s largest life sciences companies, said thoxse companies are committed to lowering costs for patients across America and thus welcomed the (what is named) GENEROUS drug pricing program.
She said the journey to the announcement was everything.
“Individual voluntary agreements between government and innovative companies — as opposed to mandatory, across-the-board government price controls — take into account the billions of dollars and decades that go into researching, discovering, and manufacturing new, life-saving treatments and cures,” she said.
She said the industry is working with lawmakers in both Washington and Trenton.
“New Jersey’s life sciences companies work with policymakers in Washington and Trenton to find responsible ways to lower costs while continuing to invest in American innovation and tomorrow’s cutting-edge medical advances,” she said.
The announcement came Friday, when President Donald Trump said all 50 states, the District of Columbia and Puerto Rico will take part in his most-favored-nation pricing for Medicaid, according to Reuters.
Under the program, more than two dozen drugmakers have agreed to offer Medicaid lower prices, comparable to what other developed countries pay. Medicaid already draws steep discounts from drugmakers under existing law.
The White House Council of Economic Advisers projects the effort could save state governments $27.6 billion and the federal government $36.6 billion over the next decade.
Buteas said New Jersey appreciates its position in the sector.
“We are proud to be known as the ‘Medicine Chest of the World,’ and we will continue finding new ways to save lives and lower costs in ways that protect patients and New Jersey’s global leadership in medical innovation,” she said.
