At POLITICO’s Pro Summit, a gathering of innovators from the public and private sectors focused on driving meaningful policy changes, Tom Moriarty, Executive Vice President, Chief Policy and External Affairs Officer and General Counsel at CVS Health, addressed the rising cost of prescription drugs and outlined market-based strategies to promote competition and make medications more affordable. Mr. Moriarty noted that rising prices set by manufacturers, the growing prevalence of chronic diseases and increased cost-sharing through high-deductible health plans make the high costs of prescription drugs one of today’s most pressing issues.
“We realize that one of the most important things we can do is help people take their medications, which improves overall health and lowers costs. But to accomplish this, medications must be affordable,” said Mr. Moriarty. “There are a number of solutions that we can implement today within the existing statutory and regulatory framework to reduce overall prescription drug costs in the system and for patients while also driving improved health outcomes through increased adherence.”