WASHINGTON, April 14 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) issued the following statement in response to today's article in The New York Times on skyrocketing biotech prices:
"Americans currently spend $50 billion on biotech products and will spend $100 billion within a few years. The reason biotech drugs have such high prices is because they don't face generic competition once their patents expire. The absence of generic biotech products is a huge challenge for payors since the branded products can cost hundreds of thousands of dollars annually."
"Monopoly pricing of biotech products is wrong. Fortunately, there is a public policy solution: legislation that would establish a clear FDA pathway for approval of generic biotech products or biogenerics."
PCMA is the national association representing America's pharmacy benefit managers (PBMs), which 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.
SOURCE Pharmaceutical Care Management Association