(Washington, March 29, 2016) --The American College of Physicians (ACP) today released a new policy paper calling for changes that could slow the rising cost of prescription drugs. The paper, Stemming the Escalating Cost of Prescription Drugs, was published in Annals of Internal Medicine .
"In the United States we pay comparatively much more for prescription drugs than other countries, an increasing concern for all Americans," said Wayne J. Riley, MD, MPH, MBA, MACP, president of ACP. "The impact of these rising costs can be very detrimental to patients, causing them to forgo filling important prescriptions or not taking drugs on the schedule that they are prescribed."
The many issues surrounding prescription drug pricing are a complex problem. Because the research, development, regulatory and payment systems for prescription medication are deeply intertwined addressing the issue will take the combined efforts of many different stakeholders. Unlike other markets, competition alone may not be effective in encouraging innovation or controlling costs, especially without the price transparency required for true price competition.
To address the complex factors at play, ACP's paper offers a series of recommendations aimed at addressing and slowing down the rate of price increase for prescription drugs. ACP:
"We continue to pay more and more for drugs, making it harder and harder for patients to afford critical prescriptions. This situation must change," concluded Dr. Riley. "A prescription drug can only be as effective as a patient's ability to access it and adhere to the medication as prescribed. Year after year of rising costs is clearly a burden for many patients that ultimately impacts their health and quality of life."
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The paper will be available at: http://www.annals.org/article.aspx?doi=10.7326/M15-2768 . URL goes live when the embargo lifts.
Annals of Internal Medicine