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Respondents report increasing drug costs, greater use of specialty drugs as sources of higher pharmaceutical spend; anticipate pharmaceutical spend to steadily increase over next five years
CHARLOTTE, N.C. -- (June 14, 2017) – A new Premier Inc. (NASDAQ: PINC) survey finds drug spending has increased among healthcare leaders, a trend expected to continue over the next five years. To counteract this significant drain on hospital budgets, health system leaders are employing various methods and strategies to ease the burden.
Premier, a leading healthcare improvement company, surveyed health system C-suite leaders to understand the financial and care delivery implications of rising drug prices.
“Unhealthy, uncompetitive drug markets are not only straining consumer budgets, but they are leading to serious financial repercussions for providers,” said Michael J. Alkire, chief operating officer at Premier. “System loopholes are allowing pharmaceutical companies to take full advantage by raising prices on life-saving drugs – creating a perfect storm for healthcare spending. Now is the time for policymakers to address flaws in the system that enable drug monopolies and directly contribute to unsustainable pharmaceutical expenses.”
Key survey findings include:
“In this environment, healthcare leaders must think creatively and optimize prescribing protocols to ensure a positive outcome at a manageable cost,” said Alkire. “Premier works closely with our members to strategically deploy solutions to ensure the right drug is used at the right time. We work tirelessly on behalf of members to negotiate best possible pricing, source lower cost therapeutic alternatives, employ comparative effectiveness to inform evidence-based clinical decisions, help them understand utilization and remove waste, ensure medication adherence to create optimal patient outcomes, and connect patients in need of financial assistance.”
The findings come on the heels of newly-released recommendations by Premier, detailing nine suggested actions Congress and the administration should take to create healthier and more competitive pharmaceutical markets. The plan highlights a holistic approach to achieving a high-quality, cost-effective pharmaceutical industry, while correcting regulatory loopholes that impede competition and directly lead to unsustainable price increases.
Survey Methodology
The survey was conducted online, with the results based off responses of 47 healthcare C-suite leaders (CEO, COO, CMO, CFO, CIO or CTIO) from April 18 – May 22, 2017. Participants were selected and invited to join the panel by Premier prior to survey administration.
Contact: Public_Relations@premierinc.com