“The biopharma industry in Massachusetts continues to bring value to the overall healthcare system and to patients, and is constantly looking for new ways to lower drug costs and improve patient access. CHIA’s latest report makes clear that our industry’s efforts are working – drug spending increases have reached new lows, with only 5% increase in 2017, down from 6.4% in 2016 and 12% in 2015. When looking at the broader healthcare system in Massachusetts, growth in total healthcare expenditures is also slowing, and MassHealth spending actually decreased. Massachusetts continues to serve as an example for healthcare innovation, both in terms of drug discovery but also in new innovative payment models for these therapies. We’ll continue to work with payers and other stakeholders to ensure patients have access to lifesaving therapies and that our healthcare system can measure the value these drugs bring to patients and in lowering our overall healthcare costs.”
– Robert K. Coughlin, MassBio President & CEO