While President-elect Donald Trump recently said that the pharmaceutical industry is “getting away with murder” in terms of drug prices, the industry is trying to self-regulate before facing tighter rules from the incoming administration.
As Mylan continues to face criticism over price hikes on its EpiPen epinephrine injection, the company agreed to a $465 million settlement with the U.S. Department of Justice and other agencies for overcharging on the EpiPen.
When Express Scripts and CVS Health announced their 2017 formularies on August 1, a common theme emerged among the healthcare giants: several blockbuster drugs will be removed from both companies’ formularies and lower-cost options such as biosimilars are being embraced.
As pharmaceutical companies of all sizes continue to adapt to the ongoing internal and external pressures of the new health economy, it remains imperative that strategy maintain distinct capabilities to position the company ahead of its competitors.
Express Scripts will implement more programs that pay for drugs based on their effectiveness, according to the PBM’s chief medical officer Steve Miller, MD. Simultaneously, the PBM plans to implement a spending cap on diabetes medications.