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By: Brandon Newman, CEO of Xevant
The rising costs of prescription drugs in the United States are becoming unattainable for most Americans. Countless patients are left with no other option but to go without essential medications, which can be life or death. It’s time for real change, beginning with reshaping the convoluted pricing system. The lack of transparency has made healthcare a labyrinth, leaving many individuals unaware of how much their treatments cost. Justice is necessary for this broken system by exposing its drug pricing secrets and placing patient needs first above all else.
The Rising Cost of Prescription Drugs
We’re witnessing an unprecedented era in American healthcare, where the cost of life-saving medications continues to skyrocket, leaving many to choose between their health and financial stability. A recent Reuters analysis reveals that the median annual price of novel drugs approved by the FDA reached a staggering $222,003 in 2022. This year-on-year increase is making vital medicines unaffordable for many Americans.
Vizient, Inc.’s Winter 2023 Pharmacy Market Outlook corroborates this concerning trend. They predict an upward drug price inflation rate of 3.78% for the calendar year starting July 1, 2023. The scenario is far from encouraging, as an increasing number of Americans face significant hurdles in accessing the medications they need.
Enabling Success for PBMs
As pharmaceutical costs continue to climb, it is essential that legislative action be taken to address the roles of Pharmacy Benefit Managers (PBMs) in pricing. These intermediaries between insurers, manufacturers, and pharmacies have a major impact on drug prices – yet oftentimes, they do not have access to automated data analysis tools that allow for simplified processes and added transparency, resulting in more affordable drugs. The general public is often unaware of the variables that contribute to drug costs behind closed doors: pricing strategies, rebates, clawbacks, etc. The graphic below illustrates a few of the various factors that contribute to the out-of-pocket costs of drugs for Americans.
Sourced photo
Passing legislation that enhances transparency for Americans concerning prescription costs while enabling PBMs to carry out their duties in a streamlined and efficient manner is essential in our efforts to control soaring drug prices. By doing so, American citizens can finally receive some relief from the financial strain of medication costs.
The Need for Transparency: An Informed Public is an Empowered Public
For too long, the cost of medicines has been kept shrouded in secrecy. But with this revolutionary newly proposed legislation, we could be on the cusp of a major breakthrough in tackling this issue, and patients will finally know how to make informed decisions about their healthcare. Generic options, viable substitutes and additional treatment options will become more readily available for consumers as transparency is woven throughout the drug pricing process.
This groundbreaking legislation has far-reaching implications for our health system as it puts decision-making power back into the hands of those who need it most: everyday Americans struggling to afford necessary medications.
Xevant: The Key to Unlocking Pricing Transparency
It’s time to bring transparency and affordability back to the healthcare industry. Xevant, an innovative platform backed by advanced technology and resources, is ready to make this a reality for Americans everywhere by providing access to transparent data across the entire pharmaceutical ecosystem to further enable educated financial decisions for the average American.
For real change to occur, it’s essential that the major PBMs step up and embrace real-time data automation solutions like those provided by Xevant to become true partners in patients’ health journeys. With this shift in approach comes a whole new level of price visibility that could help millions receive quality care without breaking their budgets.
Envisioning a New Healthcare Reality
Picture a world where medical diagnoses don’t come with the added stress of financial burden. We can make this dream a reality by utilizing tools like Xevant that give us access to transparent pricing for our treatment options, allowing us to make informed decisions based on what works best for our individual needs and budget.
No longer will we be limited by what is most popular or familiar, as we now have the power to choose treatments tailored specifically to each of us. This shift in mindset empowers individuals like never before, bringing us one step closer to an era where cost-effectiveness guides each choice we make about our health care.
The Road Ahead: Saving Lives and Boosting Compliance
With the potential to save lives and improve treatment adherence, pricing transparency is not only an economic issue but a moral one. We must take action to ensure that our healthcare system is accessible and equitable for all. This means advocating for legislative changes, leveraging innovative technologies like Xevant, and encouraging a culture of openness so everyone has access to life-saving medications without breaking the bank.
By tackling prescription drug prices head-on, we can create a future where no one has to worry about affording their medication, allowing them instead to focus on what matters most: taking care of their health.
Brandon Newman Bio:
As a serial entrepreneur, Newman has a proven record of founding new businesses and advancing them through growth and acquisition, merger, or roll-up, including ScripPoint, Veridian, and AviaraMD. He is the driving force for Xevant’s vision, new market strategy, revenue growth, technology development, and partner alliances.
