Thank you, thank you, thank you. You are now in great physical shape throughout the day. Its my great pleasure to welcome you to the 2018 president s for a, which as you know is a special session at the end of our annual meeting when i like major Health Leaders to join me in a dynamic discussion on the critical issue in Health Medicine policy. Since it began three years ago, we have tackled aging and health care reform. Last years forum, we in fact tackled the opioid crisis, from which we say we need a more unified, collective effort to look at evidencebased solutions. As you heard today, we formed , and itid collaboration has been just great. Undertake ae critical issue that is so important in the u. S. And else where, how to make lifesaving and life enhancing drugs both more affordable and more accessible to all people, while continuing to accelerate scientific innovation and discovery. Needed forneat breakthrough and tumors. Throughout the day we talked about cancer. The last sessio
Patient choice and protects patient access, but theres plenty of room to update our programs and increase negotiating power. This is especially true in Medicare Part b, where theres currently no price negotiation at all. In part b, medicare gets the bill and we pay it. Plus an addon fee calculated as a percentage of the drugs price. For the First Time Ever, we have now introduced new tools to allow Medicare Advantage plans to negotiate discounts for drugs covered by part b. In total, 12 billion in spending for 20 million beneficiaries. Starting in 2019, plans will now have the ability to use step therapy to have patients try one clinically appropriate drug first before moving on to other options. For the first time, plans will also be allowed to use consolidated programs for drugs covered under parts b and d, bringing these programs closer together. At least half of the savings generated from new discounts will have to be passed on to the patients. These new tools will be coupled with
There are some other elements. There are wholesalers, retailers , physicians, regulators and then there is this other entity really unique to the industry, pharmacy management, ppm for short. Toby in line to the injury history would be change as it did seem in our group there would be way to work with the system to preserve the Market Forces that exist. They are more powerful and reducing the cost of pharmaceuticals. Why reducing the cost of pharmaceuticals you dont want to undermine the ability to develop new products for future use. I suspect that is Something Else you would want to raise. Thank you. I failed to keep you all five minutes first because im so eager to jump in so why dont i take a step back and make sure you have a chance to really give us your perspective before i kind of hit you with hard questions. How about if i start with you. [laughter] tell a joke again. They really liked that. Thank you. I would start out by saying this is a truly important issue. The price of p
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