FW: Behind CMS’ new data on health care spending

 

 

Brandy Mai (she/her)

Director of Public Information, GHC3

www.globalhealthc3.org | (910) 580-0380

 

 

From: Good Day BIO <bionewsletter@bio.org&gt;
Sent: Thursday, December 17, 2020 10:32 AM
To: Brandy Mai <Bmai@GlobalHealthC3.org&gt;
Subject: Behind CMS’ new data on health care spending

 

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The FDA Vaccines and Related Biological Products Advisory Committee meets today to discuss emergency use authorization of the Moderna COVID-19 vaccine. In other news, we look at new data on health care spending and the future of gene editing. (916 words, 4 minutes, 34 seconds)

 

Behind CMS’ new data on health care spending

Health care spending in the United States continues to grow, increasing 4.6% to $3.8 trillion in 2019 with growth across all categories, according to a new analysis from the Center for Medicare & Medicaid Services (CMS). What was behind it?

In 2019, hospital care and physician and clinical services (like visits to the doctor’s office) were the largest categories of spending – at $1.2 trillion and $772 billion respectively, growing 6.2% and 4.7% since 2018.

Compare those numbers to retail prescription drug spending—which totaled $369.7 billion in 2019, or just under 10% of overall health spending. 

While prescription drug spending grew 5.7%, a lot of the growth is due to more prescriptions being dispensed: “Faster growth in utilization contributed to the acceleration in total retail prescription drug spending growth. The number of retail prescriptions dispensed (based on a 30-day supply) grew for the second consecutive year, increasing 3.2% after a growth rate of 2.7% in 2018,” explains Health Affairs

Meanwhile, prescription drug prices actually continue to decline, by 1% in 2018 and .4% in 2019, “as price growth slowed for brand-name drugs and declined for generic drugs.”

Why it matters: The conversation about health care costs in the United States tends to focus on drug prices—but it’s clear other factors play a larger role in driving up patients’ out-of-pocket costs. If policymakers are serious about reducing out-of-pocket costs, we need systemic and bipartisan reforms that address legitimate concerns about U.S. health insurance and delivery, including the affordability and accessibility of medicines.

 

More Health Care News:

NJ Spotlight News: Vaccines, hospitals, and the business side of the pandemic
Debbie Hart, President and CEO of BioNJ, discussed the impact the biopharma industry is making on COVID-19 on NJ Business Beat. 

University of Birmingham: Birmingham spinout Revitope Oncology Inc announces $10m investment
The investment “will allow Revitope to leverage its proprietary protein engineering platform and Junshi’s novel antibody components to deliver first-in-class precision cancer therapies.”

 

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How biotech can speak to our shared values

Biotechnology is helping solve some of our biggest challenges—from speeding up COVID-19 vaccine and diagnostic development with synthetic biology, to improving the nutrition of our food. Dr. Clint Nesbitt, BIO’s Senior Director of Science and Regulatory Affairs, discussed what’s on the horizon on a recent episode of the Illinois Farm Bureau’s podcast

“There’s a lot of potential to develop products that really get at the shared values of all of us in society,” he explained—such as reducing the footprint of food production and food waste, reducing our dependence on fertilizer and pesticides, and improving animal health and welfare.   

A lot of this potential is due to gene editing—in which scientists make targeted edits to an organism’s own DNA to add a desirable characteristic, such as making a crop more nutritious or less susceptible to disease.

How close are we to seeing gene edited products on the market? He thinks we’ll see plant products “trickling out slowly over the next several years,” with animals potentially in five years. 

Now is the time to communicate about these technologies—before they ever reach the marketplace, concluded Dr. Nesbitt. Engaging in a broad stakeholder dialogue that includes the ag supply chain and consumers “lays the groundwork” to successfully introduce them. 

This conversation must cover why we are using the technology, and the benefits for agriculture, the economy, and the consumer, added Dr. Fan-Li Chou, VP of Scientific Affairs and Policy for the American Seed Trade Association. 

Listen to the whole thing.

Join the conversation. Check out this list of 20 benefits of gene editing plus more content about the science behind these products at www.innovature.com.   

 

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I am BIO

I am BIO 2020 Wrap-Up

I am BIO 2020 Wrap-Up

 

On June 8, 2020, we publicly launched the I am BIO campaign to tell the story of the biotechnology industry through the eyes of people making an impact every day.

They are scientists, doctors, patients, investors, researchers, and advocates. They are also parents, spouses, siblings, and friends.

We’re thankful to all of the participants for their work to advance innovations that cure patients, protect our planet, and nourish humanity—and for sharing their stories with the world.

If you want to end the year on a positive note, check out the I am BIO website and click on “View All Videos” to search or filter by category.

Want to participate next year? Here are the new categories we’re planning to highlight in 2021:

·       COVID-19

·       Patient Advocacy

·       Health

·       Academia

·       Agricultural Biotechnology

·       Environmental Biotechnology

·       Animal Biotechnology

·       Women in Biotechnology

·       Investor

·       Diversity and Inclusion

Visit www.bio.org/iambio to learn more and share your story!

 

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BIO Beltway Report

BIO Beltway Report

 

President Trump’s Thursday: Signing H.R. 473, which authorizes a women’s suffrage monument in D.C. VP Mike Pence, second lady Karen Pence, and Surgeon General Jerome Adams are scheduled to get the Pfizer-BioNTech vaccine live on camera at the White House tomorrow, reports POLITICO. Former NJ Gov. Chris Christie urges you to wear a mask

President-elect Biden’s Thursday: He could receive a COVID-19 vaccine as early as next week, per POLITICO

What’s Happening on Capitol Hill: Congress gets closer to a $900 billion coronavirus stimulus deal that includes direct payments to Americans. House Oversight and Reform will hold a hearing with Purdue Pharma.

 

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