■ Healthcare
Continued From Page 22 important to acknowledge our nurse leaders who remained ever-present for staff throughout the pandemic , offering support while recognizing their staff ’ s resilience in caring for patients despite the potential risks they faced at the bedside .
The Valley Hospital By Charles Vannoy , RN , Vice President , Chief Nursing Officer
Reflecting on the two-year anniversary of the start of the COVID‐19 pandemic at Valley , the dedication and compassion of our nurses , as well as our physicians and other staff , was something I will never forget . So many people rose to the challenge and stepped up to the plate and made it possible for us to continue to provide care to our community during this extraordinarily difficult time . Fortunately , we are now beginning to see light at the end of the tunnel . The COVID‐19 virus has forced nursing to shift many of our efforts to the health of the community . I am proud to say that last year we administered almost 200,000 vaccines since the start of our program . This valuable service ensures that our community is protected against this cruel virus . Additionally , to provide the safest possible environment to provide care , we
Burnout and mental health were an issue during the pandemic .
now have 100 percent of our clinical staff fully vaccinated . Yes , it has been another challenging year . But despite everything that has happened , we have successfully navigated one of the most challenging obstacle courses of our careers and we have come out the other side stronger than ever . This was possible because of the perseverance , determination and compassion our nurses have shown for those who entrust themselves to us for their care .
PHARMACEUTICAL REPORT : BRAND-MEDICINE SPENDING
Middlemen are Receiving More Than Half of Revenues / Earnings
An update to an important study demonstrates that pharmacy benefit managers ( PBMs ) and other middlemen in the pharmaceutical supply chain , not the drug companies , now receive more than half of the money spent on brand medicines . This represents money that instead could be passed on to help patients immediately lower their costs .
The report from the Berkeley Research Group ( BRG ) shows that between 2018 and 2020 , the amount of money spent on brand drugs that PBMs , hospitals , health insurers , the government and other supply chain actors retain now exceeds 50 percent of total spending on brand medicines . In contrast , the portion of the spending that is retained by the innovative biopharmaceutical companies that spend billions to research , discover , develop and produce brand medicines continues to decline , to 49.5 percent in 2020 .
Dean J . Paranicas , president and chief cxecutive officer of the HealthCare Institute of New Jersey ( HINJ ), a trade association that serves as the voice for the state ’ s leading research-based biopharmaceutical and medical technology companies , said the BRG analysis underscores a key point . “ This study confirms that what patients pay for their medicines is not being determined by the companies that discover and manufacture those drugs .
“ While U . S . biopharmaceutical companies continue their time-consuming , risky and expensive pursuit of medical innovation , resulting in advances against COVID‐19 , Hepatitis C , cervical cancer , HIV / AIDS and other dreaded diseases , PBMs , hospitals and other actors within the supply chain — not patients — continue to benefit significantly from the substantial discounts offered by drug companies , as particularly evidenced by the dramatic growth in 340B program discounts . Brand drug companies offer over $ 180 billion in discounts annually . If these discounts were shared with patients , as the manufacturers intend , they would provide significant and immediate relief to patients .”
Paranicas added , “ As we ’ ve long said , in a structure where drug manufacturers do not sell to patients , do not set the price at the pharmacy counter and do not set patient out-of-pocket costs , and a drug ’ s list price , instead of the discounted price , is used to determine a patient ’ s copay and deductible , we need to look at the whole picture , including the complex marketplace and supply chain , when seeking ways to lower costs for patients .
“ We will continue working with New Jersey ’ s Congressional delegation , members of our state government and other key stakeholders to ensure the middlemen in the supply chain apply the substantial discounts to bring immediate relief to patients ,” Paranicas concluded .
May 2022 COMMERCE 23