Below is a statement from  PhRMA president and CEO Stephen J. Ubl on the Administration’s Part D Senior Savings Model.

“We are pleased to see the Administration is focused on lowering out-of-pocket costs at the pharmacy counter for seniors with diabetes. The model has the potential to meaningfully improve affordability and predictability for patients who rely on insulin, but it must be a shared responsibility between health plans and biopharmaceutical companies. Our industry is committed to doing our part and seeking contributions from all stakeholders to lower patient costs is a better approach than other policies that harm innovation and threaten patient access to new medicines.

“Companies already provide deep discounts and rebates on insulin – often in excess of the net revenues retained by the manufacturer – but Part D plans and PBMs are not sharing those savings directly with patients, whose out-of-pocket costs continue to soar. We look forward to continuing to work with the Administration to improve affordability for patients, including modernizing Part D coverage and enacting comprehensive rebate reform to address misaligned incentives in the system.”