A recent article explores why drug prices are so high in the United States and delves into solutions that would reduce prices without affecting the rapid pace of progress. Independent review boards could be the answer. Although ICER (Institute for Clinical and Economic Review) releases reviews with recommendations for pricing drugs, this institution is independent of the federal government. Giving more weight to the decisions of such an institution might lower prescription drug prices and avoid negative consequences.
Director of the Center for the Evaluation of Health and Risk in Health at Tufts Medical Center Peter Neumann states, “We should undertake our own assessment of value,” adding, “The markets don’t work. Rather than taking France or Germany’s price, we should establish our own.” Read the article here.
(Source: Austin Frakt, The New York Times, 2/11/21)