MHAFP5032 Policy and Pharmaceutical Regulation Presentation: Current programs and Outcomes
MHAFP5032 Policy and Pharmaceutical Regulation Presentation: Current programs and Outcomes
In the recent past, other interest groups have been advocating for reduced prescription drug prices in the country.
For example, earlier in the year, some of the states embraced change in policies that now require pharmaceutical companies to be transparent to the government and the public regarding their drug pricing process.
Some of the states that first approved this legislation are Connecticut and Maryland. In the state of Connecticut, an interest group by the name Universal Health Care Foundation of Connecticut was pivotal in creating advocacy for the transparency legislation.
As a result, insures are required to give reports to the state insurance department, elaborating on drugs prices through insure rate review procedure.
In Maryland, Maryland Citizen’s Health Initiative significantly contributed to the approval of the transparency policy whereby pharmaceutical companies are to elaborate the rationale for list prices of drugs.
Outcomes associated with the approval of these legislations are promising, as this has brought a sense of pharmaceutical companies being accountable to the state governments and the general public, getting rid of the opacity of the pricing process.
In the long run, unreasonable drug prices will be challenged if the rationale behind pricing process is not justifiable. A decrease in drug prices, on account of these new policies, is anticipated, making it easier for patients to access quality prescription drugs.
MHAFP5032 Policy and Pharmaceutical Regulation Presentation Recommendations
To further moderate prescription drug prices, the FDA should accelerate its generic drugs approval process so that new entrants can easily create competition in the drug market. The authority also ought to set up regulatory measures to regulate pricing of drugs depending on the authenticity of pricing rationale given by the manufactures.
Policymakers both at the state and federal levels should give ear to interest groups, constantly review policies governing health care products and services to ensure quality, service delivery and affordability of these products as offered to the general public.
