Prescription Drug Prices Up Again In 2020

A table with many different types of pills on it.


The increase in price of the brand name drugs most widely used by senior citizens was up 2.9% in 2020.  Although the increase is lower than the last couple of years, it’s still more than double the rate of inflation (currently at 1.3%) and some drugs remain exorbitantly and out of the range of affordability for many seniors.  USA Today recently ran a story on Lynn Carfuto, who has chronic lymphocytic leukemia, a disease which is treatable but with a drug that costs $14K per month.  The drug has seen an 82% price increase since its release in 2013.  She can only afford it due to receiving grants from non-profits.  It’s a very sad case when you have a disease which is treatable but the price is so far out of reach.

 

https://www.pressreader.com/usa/usa-today-us-edition/20210610/282153589220534

Biden Lays Out Plan To Cut Drug Prices

A building with the capitol in the background.


President Joe Biden recently signed an executive order that aims at lowering drug prices, and it actually has teeth.  One provision is that the government can now take legal action against companies that collude to try and keep generic drugs from coming to market.  Another allows states and Indian tribes to import drugs from Canada.  He also directed the FDA’s parent agency, the Department of Health and Human Services, to issue proposed rules within 120 days to allow hearing aids to be sold over the counter.  The four largest makers of hearing aides control 84% of the market.  Because they are so expensive, only 14% of the 48 million Americans suffering from hearing loss use the devices.  Still, some criticized the order because it doesn’t give Medicare the power to directly negotiate prices with drug companies.  “Negotiation of prices is the biggest and best solution,†to lowering drug prices, said Diana Zuckerman, president of the National Center for Health Research, a nonprofit based in Washington D.C.

 

Pebble Beach, CA Artificial Intelligence Reshaping Healthcare

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Artificial Intelligence could completely reshape how medical care is given to seniors in many different ways.  For instance, Michael Recht, chair of radiology at NYU Langone, is spearheading a partnership between NYU Langone and Facebook’s AI’s research group with a goal of reducing the time it takes to conduct an MRI by a factor of 10.  The project, dubbed FastMRI, could enable MRIs to replace x-rays, avoiding radiation exposure.  Imagine going into CHOMP for a quickie MRI.  On the prescription drug side, Michael Frank, director of R&D strategy within Pfizer’s Worldwide R&D group is hoping to leverage machine learning to accelerate drug discovery.  On average, it takes 14 years and $1.6 billion to develop a new drug!

Start Up Cleerly Aims To Shake Up Heart Disease Treatment In The U.S. : By Derek Baine

A stethoscope and heart on the table.


650K Americans will die from heart disease this year, and more than half of them—roughly 490K—won’t have seen it coming.  That’s because about 60% of people who have a heart attack have no prior symptoms.  Dr. James Min, a cardiologist, is hoping to change these statistics at his start-up Cleerly, which will use machine learning to help doctors personalize heart disease treatment plans before patients end up in the ER.  He calls his company’s approach â€precision prevention.â€Â  Dr Min says that the market opportunity is massive, with more than 100 million Americans at risk of having a heart attack.

https://www.forbes.com/sites/katiejennings/2021/06/21/this-ai-startup-raised-43-million-to-save-lives-and-money-by-treating-heart-disease-earlier/?cdlcid=607e1442fe2c195e916f3bb4&utm_campaign=dailydozen&utm_medium=email&utm_source=newsletter&sh=2f1977e859bd

 

Monterey, CA Seniors Turning To Telehealth Amidst Coronavirus Pandemic : By Derek Baine


More and more seniors are turning to Telehealth programs due to the COVID-19 pandemic.  “When you’re not feeling well, having to get up, get dressed and drive all the way to the hospital and then get in line and then possibly get sick from someone else is not all that appealing,†Marla Jo Fisher, a writer, told AARP Bulletin.  Medicare is expanding coverage of telehealth visits during the pandemic, changes which hopefully will remain in place.  The Department of Health and Human Services recently reported that less than 1% of primary care visits in February were via Telehealth, a number which jumped to 43.5% in April.  California has a bill going into effect on January 1 requiring all insurers to pay for Telehealth visits.  If your doctor isn’t using Telehealth, talk to Community Hospital of the Monterey Peninsula, CHOMP, on suggestions.

https://www.chomp.org/find-a-doctor/doctor-search-results/?termId=a826e4db-730c-e611-9cf8-005056a462a1#.X9fgodhKjcs

Tech Giants Jump Into Rapidly Growing Healthcare Business : By Derek Baine

A person holding a stethoscope in front of a laptop.


Google parent Alphabet Inc. and hospital chain HCA Healthcare struck a deal this week to develop algorithms using patient records which could help physicians make more informed decisions about patient care.  They aren’t the only ones to jump into the rapidly growing healthcare space.  JPMorgan Chase is investing $250 million in startups and technologies which are meant to make healthcare more efficient and effective.  Amazon.com and Walmart have also partnered on primary care which will enable them to push their prescription pharmaceuticals business.  The U.S. is projected to spend about $4 trillion on healthcare this year (according to the Centers for Medicare and Medicaid Services). That’s roughly 20% of GDP so it’s no big surprise that these big companies are jumping into this fast growing sector.

https://www.wsj.com/articles/amazon-and-walmart-have-an-rx-for-healthcare-the-cure-wont-be-easy-11622194240

President Joe Biden’s Medicaid Plan Helps Family Caregivers : By Derek Baine

A man and woman cutting an apple on a board.


President Joe Biden has an ambitious plan to help seniors, including asking Congress to lower the age of Medicare eligibility to 60, and a $450 billion fund to help family caregivers over the next ten years.  The latter would include a $5,000 tax credit for caregivers, and should reduce waiting lists for in-home and community-based care.

Telehealth Booming During Pandemic

A person holding a stethoscope in front of a laptop.


Telehealth has expanded rapidly during the pandemic, and is likely here to stay.  Before the pandemic, Medicare was limited to beneficiaries living in rural areas only, with many restrictions on where you could receive services and by whom.  In early 2020, however, Congress and the Centers for Medicare & Medicaid Services (CMS) expanded coverage to make it easier to use Telehealth services.  Hopefully this will remain intact.  Under current rules, the expanded Telehealth coverage is set to expire once the pandemic is over.

https://www.kff.org/medicare/issue-brief/medicare-and-telehealth-coverage-and-use-during-the-covid-19-pandemic-and-options-for-the-future/?utm_campaign=KFF-2021-The-Latest&utm_medium=email&_hsmi=128256590&_hsenc=p2ANqtz–RXNnPjavKL184o0qKSG9L1m0wDM8ttcr5udBuLn5BgacMbgQX0oDKczuGvZJGgClVcbhGNBl_99-oxdqb74zYkr-vsg&utm_content=128256590&utm_source=hs_email

Pacific Grove, CA Seniors Turning To Telehealth Amidst Coronavirus Pandemic

A person holding a stethoscope in front of a laptop.


More and more seniors are turning to Telehealth programs due to the COVID-19 pandemic.  “When you’re not feeling well, having to get up, get dressed and drive all the way to the hospital and then get in line and then possibly get sick from someone else is not all that appealing,†Marla Jo Fisher, a writer, told AARP Bulletin (November 2020, page 44).  Medicare is expanding coverage of telehealth visits during the pandemic, changes which hopefully will remain in place.  The Department of Health and Human Services recently reported that less than 1% of primary care visits in February were via Telehealth, a number which jumped to 43.5% in April.  California has a bill going into effect on January 1 requiring all insurers to pay for Telehealth visits.  If your doctor isn’t using Telehealth, talk to Community Hospital of the Monterey Peninsula, CHOMP, on suggestions.

https://www.chomp.org/find-a-doctor/doctor-search-results/?termId=a826e4db-730c-e611-9cf8-005056a462a1#.X9fgodhKjcs

Costco Diving Deeper Into The Prescription Drug Market

A table with many different types of pills on it.


Amazon.com and Walmart Inc. have both jumped into the online pharmacy market and now Costco Wholesale Corp. is taking a different approach, with a focus on helping make prescription drug prices transparent for employers.  It has partnered with Navitus Health Solutions LLC, a small pharmacy benefit manager (PBM) which has a different business model than most PBMs.  Rather than taking a cut of rebates and discounts, they charge a flat free.  Costo recently purchased a minority stake in Navitus in a partnership which should benefit both employers and consumers.

https://www.bloomberg.com/news/articles/2021-04-22/costco-cost-health-care-approach-differs-from-amazon-amzn-walmart-wmt