Intelligent Solutions in Pharmacy Benefits
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Have you been keeping up with the current presidential hopefuls’ plans for the future? If you have not, one that we would like to call attention to is Hillary Clinton’s desire to lower prescription drug prices. With costs continuing to skyrocket, as was seen when Daraprim rose from $13.50 to $750 nearly overnight for one pill, it does not surprise us that prescription drug prices are on the minds of those seeking office.
According to a recent article from USA Today, Clinton’s plan is to have pharmaceutical companies place more of their focus on research, with the hopes that doing so would lead to more generic and imported drugs. As we all know, the production of generics is very important for those who require prescriptions being that they are much more cost effective than brand-name alternatives. This, the article explains, would permit Medicare to “negotiate lower drug costs and cap out-of-pocket expenses for individuals with chronic health problems.”
Diving deeper into her plan, Clinton would also like to see drug companies using our tax dollars to further research and develop new drugs rather than for advertising purposes that solely benefit the company themselves. Additionally, alongside the hope that more generics would make their way to the market, Clinton mentions that she would like to see a reduction in the amount of time that companies can “exclusively produce new treatments.”
However, with all that said, we would like to point out that Clinton’s plan primarily focuses on the member, rather than the entities responsible for providing pharmacy benefits. Should this plan ever take effect, it will be extremely important for entities to keep an eye on what they are paying for their pharmacy benefits, as there may still be a spike in the costs they must cover even if more attention is brought to rebates for government and drug manufacturers.
This is where the team at PBIRx comes in. As a pharmacy benefit consulting and auditing company that strives to aid providing entities with their pharmacy benefit plans, we always have their best interests in mind when it comes to health care costs. Between our financial analysts, clinical pharmacists, attorneys and other experts in the pharmacy benefit management industry, we help our clients evaluate their plans and can deliver and implement solutions that find them cost-saving opportunities where applicable.
To learn more about our pharmacy benefit consulting and auditing services, or for more information about our take on Clinton’s drug pricing plan when it comes to your pharmacy benefits, please give us a call at (888) 797-2479.