Ed Abrahams has a message for Nancy Pelosi about HR 3. That’s the new bill in the House to reduce drug pricing.
Ed is the President of the Personalized Medicine Coalition, an advocacy organization in Washington representing our industry which will soon announce a new caucus in congress devoted to personalized medicine. Ed joins us today and says to Pelosi, there’s a better way, a more American way to reduce drug costs.
The argument is not new. Personalized medicine will reduce costs if we encourage it to play out. The industry hasn't been around long enough to have yet made the difference. We're just at the beginning of this new era. The name 'personalized medicine' itself is only about twenty years old, Ed points out. What is new is a "value-sharing" pricing model which guarantees that innovation remains strong while making sure that patients have access to new therapies. Ed advocates for this new model and others like it on today's program.
"We need innovative ways of looking at drug pricing. It's a paradigm shift," he says. "And it's happening, but it's happening too slow and below the surface so that the public, as reflected in the Republican and Democratic parties, is unaware that there is a solution outside of price controls."
During an election cycle there’s bound to be a lot of noise on the topic, but for anyone who is serious about real solutions to healthcare, Ed’s organization does some terrific work and represents all the groups involved. Their annual conference takes place in Boston this November 13-14. Today Ed gives a preview of the topics which include drug pricing, but also our annual roundup of new therapies and an in-depth look at the year in genetic testing.