The 340B Drug Pricing Program and its Potential Impacts on Annual Revenues, Executive Compensation, and Charity Care Provision in Eligible Covered Entities
NAGS HEAD, NC, August 14, 2024 /24-7PressRelease/ -- ADAP Advocacy today, as part of its 340B Project and in collaboration with the Community Access National Network (CANN), published an extensive report on the 340B Drug Pricing Program and its impact on covered entities executive compensation. The report, titled – "The 340B Drug Pricing Program and its Potential Impacts on Annual Revenues, Executive Compensation, and Charity Care Provision in Eligible Covered Entities" – found that annual revenues increased by an average of 824.32%, while executive compensation increased by an average of 231.51%.
Brandon M. Macsata, CEO of ADAP Advocacy summarized: "It is no wonder that hospitals and mega service providers are fighting so hard to stop reforms to the 340B Program…because it is a cash cow for their organizations' bank accounts and their CEOs' wallets. What is even more troubling is for hospitals, their charity care levels have dropped precipitously over time. It is reflective of a larger problem with the program in that its priorities are out of whack, and we need to return 340B to its original legislative intent: helping patients!"
ADAP Advocacy examined publicly available Internal Revenue Service (IRS) 990 filings for 69 340B-eligible covered entities, including 24 HIV Care providers, 38 Hospitals, and 7 Other entity types to determine the annual revenues, levels of executive compensation, and the provision of charity care in the years prior and subsequent to each entity's eligibility for the 340B program.
The report can be downloaded here: https://tinyurl.com/32w68mk7.
To learn more about ADAP Advocacy, 340B Drug Pricing Program, or the 340B Executive Compensation Report, please email info@adapadvocacy.org.
About ADAP Advocacy: ADAP Advocacy's mission is to promote and enhance the AIDS Drug Assistance Programs (ADAPs) and improves access to care for persons living with HIV/AIDS. ADAP Advocacy works with advocates, community, health care, government, patients, pharmaceutical companies, and other stakeholders to raise awareness, offer patient educational programs, and foster greater community collaboration.
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