BIO: New Survey Data Finds Medicare Part D Working For America’s Seniors
Greenwood: ‘Given Part D’s Success, Policymakers Should Proceed with Caution When Contemplating Wholesale Program Changes’
WASHINGTON, D.C. (August 24, 2007) -- A newly released, in-depth 2006 survey of seniors strongly suggests that Medicare Part D is working to expand coverage to those previously without drug coverage – especially seniors with chronic conditions taking multiple medications, the Biotechnology Industry Organization (BIO) said today. BIO believes strongly these data underscore the need for policymakers to proceed with caution when contemplating sweeping, wholesale program changes to Medicare Part D.
The survey of 16,000 Medicare beneficiaries was conducted in Fall 2006 by researchers at the Kaiser Family Foundation, the Commonwealth Fund, and Tufts University School of Medicine and posted on Health Affairs’ website earlier this week.
“BIO has long believed that America’s seniors and disabled deserve a comprehensive Medicare prescription drug benefit providing access to a wide range of needed medications,” said BIO President & CEO Jim Greenwood. “Taken together with other findings of high beneficiary satisfaction and lower-than-expected premiums and program costs, these data reiterate that Medicare Part D is working as Congress intended. While this survey finds specific challenges associated with low-income seniors, policymakers should proceed with caution when contemplating wholesale changes to a benefit that is working well for most seniors and taxpayers.”
Among the survey’s key findings of Medicare Part D seniors:
· Medicare Part D has significantly reduced the number of seniors without drug coverage. Medicare Part D has accomplished its first and most important goal by reducing the percentage of seniors without prescription drug coverage by 77 percent from 2005 to 2006. BIO strongly believes that job one of Medicare Part D was to make seniors aware of the program and encourage them to enroll – and on that score, the program has been a resounding success.
· Medicare Part D beneficiaries have complex medical conditions requiring numerous medications. According to the survey, more than 40 percent of Medicare Part D beneficiaries have three or more chronic conditions. More than one-quarter – 27 percent – of seniors take seven or more prescriptions every month. These data strongly suggest the need for policymakers to continue to strike the right balance between cost containment and needed access to medications, especially for seniors managing complex medical conditions.
· Challenges remain with low-income and hard-to-reach seniors. As has been widely recognized by policymakers and stakeholders, challenges remain in Medicare Part D in reaching and enrolling certain beneficiary groups. The survey notes that seniors who are seventy-five years of age and older, African American, income at or below 150 percent, no education beyond high school, and/or a rural resident are at particular risk of lacking prescription drug coverage and taking advantage of existing Part D subsidies. BIO strongly supports bipartisan efforts to increase awareness about the tangible benefits provided by Medicare Part D to these and other beneficiary groups.
About BIO
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the annual BIO International Convention, the global event for biotechnology. www.bio.org
Upcoming BIO Events
· BIO Mid-America VentureForum 2007
September 24–26, 2007
Milwaukee, WI
· BIO InvestorForum 2007
October 9-11, 2007
San Francisco, CA
· Pacific Rim Summit on Industrial Biotechnology and Bioenergy
November 14-16, 2007
Honolulu, Hawaii
· BIO International Convention
June 17–20, 2008
San Diego, CA
###