Patients stand to win a major victory with the latest news that the Pharmaceutical Research and Manufacturing Association (PhRMA) plans to display the Wholesale Acquisition Cost, an estimate of the list price for a drug, in television advertising. This is a monumental step towards transparency in the industry, making it simpler for patients to receive accurate information regarding drug costs.
 

This step incentivizes drug companies to lower list prices, directly benefiting the consumer. In a recently published Press Release, PhRMA and its member companies announced their support: “member companies’ direct-to-consumer television advertisements will soon direct patients to information about medicine costs, including the list price of the medicine, out-of-pocket costs, and available financial assistance.”

This press release follows a recently adopted enhancement to PhRMA’s voluntary direct-to-consumer guidelines. Earlier this month, their guiding principles were updated to state that all advertising that identifies a medicine by name must include information for patients regarding cost. While the changes become effective in April 2019, changes in television advertisements will begin in the coming months. This type of disclosure stands to benefit patients and provides the necessary information for them to make informed healthcare decisions.

Ultimately, the Pharmaceutical Research and Manufacturing Association should be praised for their good work on drug cost transparency. Patients win when steps like these are made towards a more transparent healthcare system.