FDA Is Taking Action on Prescription Drug Prices, But There’s Much More to Be Done
<p>President Trump is expected soon to make his first major announcement on drug pricing. So far, the administration’s most significant actions to address rapidly climbing drug prices have come from the Food and Drug Administration (FDA), which has announced a series of steps to encourage competition from generic manufacturers as well as greater price transparency.</p><p>In a new Commonwealth Fund brief, researchers from Waxman Strategies report that FDA Commissioner Scott Gottlieb’s agenda, if fully implemented, has the potential to help lower prescription drug prices. Actions so far include expediting priority review for abbreviated new drug applications and launching a campaign to educate health care providers about biosimilars – therapeutics that are interchangeable with an FDA-approved biological product. Other FDA action plan items await implementation.</p>
<p>But the authors say the FDA could make greater headway on prices by using its broad authority over drug approvals to take additional actions to improve market competition and combat anticompetitive behaviors in the industry. Congress, meanwhile, could better support the FDA’s efforts to temper unchecked price growth.</p>
<p>Read the brief to learn what more the FDA and Congress can do stem the rising tide of prescription drug prices. And join the conversation on Twitter using the hashtag #DrugSpendingSolutions.</p>