Wednesday, June 13, 2018

3 strategies for reducing pharmacy costs

As more high-priced drugs enter the market, employers must keep a closer eye on it as part of an overall cost-savings strategy. For employers and brokers trying to determine how to decrease pharmacy costs for their organization and clients, here are three distinct components to consider.
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EDUCATION

Smart companies may work on their own to educate themselves on the space, but many are partnering with PBMs or brokers to manage health plans and educate employees. This process is helping employers educate themselves on best practices to lower pharma costs, like steerage towards generic prescriptions and rebate negotiations, and use insights from partners to more effectively drive action with analytic reports.

Tyrone's Commentary:

I read a bunch of articles and this is the first one I've come across which directly addresses education, in the PBM space, as a means for employers to reduce pharmacy costs. Kudos to BenefitsPro for putting employers first.

However, the health system is complex. Employees aren’t going to necessarily understand the relationship with PBMs, so it’s up to the employer to teach their workplace to explore and ask about more affordable health care option.

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