Healthcare spending in general, and prescription drug prices specifically, continue to be a major issue in both state and federal budgeting. Today's guest is Saumil Pandya, Senior Director of Policy & Research at PhRMA, the Pharmaceutical Research and Manufacturers of America. We discuss the lengthy process of getting a drug to market; comparing the high prices of some drugs (such as those used to cure Hepatitis C) with the even higher prices of treatment, hospitalization and surgery; how the prescription drug industry interacts with Medicaid; and the price-reducing effects of drugs going off-patent and being available in generic form.
Here are links to some of the studies and reports mentioned in this podcast:
Washington Research Council report on "How Medicaid and Prescription Drug Spending Impact the State Budget."
Berkeley Research Group study on "The Pharmaceutical Supply Chain."
Health Affairs Study, "Medication Adherence Leads To Lower Health Care Use And Costs Despite Increased Drug Spending."