Chrissy Buteas, President and Chief Executive Officer of the HealthCare Institute of New Jersey, released a statement on March 19 regarding the Assembly Financial Institutions and Insurance Committee’s hearing on Chairman Roy Freiman’s “Patient and Provider Protection Act.”
The statement addresses ongoing efforts to lower costs for patients while maintaining progress in medical innovation. The topic is significant as it relates to how prescription drug spending is distributed among manufacturers, pharmacy benefit managers (PBMs), and other intermediaries, which has implications for patient access and healthcare affordability.
“HINJ commends Chairman Freiman and the AFI Committee for their steadfast work to lower costs for patients while preserving future advances in human health. As the ‘Medicine Chest of the World,’ New Jersey’s global leadership in medicine and innovation starts with smart policies that expand patient access,” Buteas said.
She continued, “As we’ve said, less than half of the money spent on prescription medicines goes to the company that makes the medicine – the rest goes to PBMs and other middlemen, and there are even more ways PBM policies can be reformed to lower costs. We look forward to working with the Committee, the bill sponsors, and other stakeholders to enact these and other proposals to benefit New Jersey patients.”
The HealthCare Institute of New Jersey contributes to public health education and supports initiatives advancing biopharmaceutical progress, according to the official website. The organization operates as a nonprofit dedicated to promoting policies that support innovation, patient access, and economic growth within life sciences. It also engages in advocacy at state and federal levels to influence policies fostering innovation in this sector. Additionally, HINJ works to build alliances that advance healthcare innovation and enhance patient care. The institute functions as a trade association focused on biopharmaceuticals and medical technology fields. Its headquarters are located in Princeton, New Jersey.
Looking ahead, HINJ plans continued collaboration with legislative committees, bill sponsors, and stakeholders as discussions about PBM reform move forward.
