Pharmacy Benefit Costs As They Relate To Total Healthcare Costs

PBIRx®

Intelligent Solutions in Pharmacy Benefits

612 Wheelers Farms Road, Milford, CT 06461

(888) 797-2479

The idea that pharmacy costs are growing in number is no surprise to those who either -

1. Offer pharmacy benefits to their employees or members; or
2. Have a need to fill prescriptions and access other treatments and medications.

However, the time frame in which pharmacy spend increases is rather short, and the extent to which it is increasing is rather large.

According to EBN, Employee Benefit News, pharmacy benefit costs accounted for 16% or more of total healthcare budgets for 77% of employers in 2014. A high number at that, the number of employers who are spending a good portion of their total healthcare budgets on pharmacy benefits increased 6% from 2013. In fact, approximately 5% of employers confirmed that even more than 30% of their budgets went directly to pharmacy costs. While these numbers may seem low to some in the broader scheme of things, we understand and realize how quickly these changes could affect those who find themselves within the group who must determine how budgets are divided.

Why?

The real question now is - why? Why are pharmacy costs adding up now more than ever before? Although pharmaceutical services have always been known to be on the more expensive side, the need for providing entities to spend more is likely attributed to the recent rise in specialty drug costs. Electronic prescribing by doctors, the increase of telemedicine, expanding indications for current drugs and preventative medications at no copay are other contributors of increased drug utilization.

Are you responsible for offering pharmacy benefits to those in need? Are you concerned about the changing nature of their costs? Here at PBIRx, our goal is to give you more control over your healthcare costs, and are able to successfully achieve that goal by offering exceptional pharmacy benefit consulting and auditing services. For more information about how we can help you ensure that you are not spending more then necessary for any healthcare outcomes, visit us at www.pbirx.com or contact us at (888) 797-2479 today.