Core to BioNJ’s mission, where Patients are Paramount, Medical Innovation is about saving and extending lives, and in turn, reducing healthcare costs.
Innovative research and cutting-edge technologies are at the forefront of helping people live longer and enjoy a better quality of life by developing next-generation therapies, medicines and diagnostic tools.
Although Medical Innovation is often a costly, lengthy and complex process, the invaluable results guarantee improved healthcare, longer life and economic growth.
BIO’s site DrugCostFacts.org is an interactive web tool designed to help healthcare stakeholders gain a better understanding of the true facts surrounding drug costs, spending and value. The site features a series of commonly asked questions — ranging from “Why are some drugs expensive?” to “What role do PBMs, insurance companies and wholesalers play in determining what patients pay for their drugs?” — and then answers these questions using infographics, videos and interactive tools. The site also has additional research and reading materials for those who want to dive deeper into these issues. The tool is mobile responsive, allowing users to access information on their phones and tablets.
BIO recently unveiled a new educational video designed to give patients, consumers, policy makers and journalists a better understanding of how prescription drug costs are really determined and where the pharmaceutical dollar actually goes. The video, Understanding Your Drug Costs: Follow the Pill, begins with a typical transaction at a local pharmacy. It then traces that purchase back through a series of complex transactions that occur throughout the pharmaceutical distribution and insurance chain. The video breaks down the differences between the list price and the net price of a medicine, explains how the various actors (e.g., pharmacy benefit managers, wholesalers, insurance companies, etc.) in the health care ecosystem operate to deliver medicines to patients and at what cost, and demonstrates why it is that a biopharmaceutical company has very little power to determine what a patient ultimately pays for his or her medicine.
Biotechnology Saving Lives & Transforming Healthcare in the 21st Century
BIO’s Time is Precious Brochure is a great leave behind for public events to educate key audiences about why we must preserve the cycle of investment and innovation that makes our work possible.
Useful fact sheets:
Thank you to the Biotechnology Industry Organization (BIO) for creating these informative resources.
Informative fact sheet created by Celgene:
The Biotechnology Innovation Organization (BIO) launched a new ad focused on the value of biomedical innovation, highlighting the most compelling benefits of biomedical research – giving patients time to live fuller lives.
Click the photo below for BIO’s “Time is Precious” video.