No one needs to study detailed tables to be aware of the rising costs of prescription drugs. Daily headlines and your wallet tell the tale. In 2004, 100ml of Lantus, a basic insulin, was priced at $52. Today, 15 years later, it is $300.
Take control of the prescription benefit your company offers and buck the trend by decreasing your costs while still offering a robust benefit that rewards you with healthy employees, less presenteeism and absenteeism, and a more appealing bottom line!
Build a Pharmacy Benefit Tailored to Your Company’s Needs:
- Design your own formulary to include anywhere from 2 to many tiers with varying benefits.
- Choose the drugs that will be categorized into each tier with professional guidance.
- Take advantage of covering some over-the-counter medications that have prescription-only counterparts that are much more costly.
- Provide incentivized categories for certain chronic diseases as part of a wellness/disease management strategy.
- Take advantage of strategies to mitigate the escalating costs of ever-prevalent specialty medications.
Be the Recipient of the Rebate Dollars That Often are Returned to the Insurer:
- In the fully insured world, the insurer often receives 100% of the rebates offered from manufacturers for the prescriptions dispensed to your members. In addition to this being a perverse incentive for the placement of more costly drugs on the most advantageous tiers, these amounts are rarely taken into account at renewal.
- In many self-funded environments, rebates are often distributed among several parties: third party administrators, PBM’s, and sometimes even to brokers.
- Put an end to these behind-the-curtain designs and use your rebate dollars to help you offset the costs of your drug spend.
Remember:
- You have a blank canvas and endless opportunities for creative design.
- You can address the needs of your specific population, combining robust benefits with cost efficiency.
- You can be the recipient of rebate dollars that were previously unreported and paid to third parties.