Nearly a decade ago, plan sponsors’ pharmacy benefit conversations focused mostly on member satisfaction and plan compliance. Today, fiduciary duty comes first, then member satisfaction, compliance and, of course, GLP-1s, which is why employers are counting on their benefit advisers more than ever to guide them through Rx matters. Times have changed, which begs the question, “What does it take to ensure plan sponsors meet their fiduciary duty?”
Putting the pharmacy benefits manager (PBM) business “out to bid” every few years isn’t enough. Given heightened scrutiny of traditional PBMs and rising Employee Retirement Income Security Act (ERISA) liability risk, plan sponsors should regularly evaluate their PBM options, prioritizing strategies that lower total costs, improve member outcomes and safeguard long-term plan sustainability. However, issuing, evaluating and managing requests for proposals (RFPs) from PBMs can be challenging.
