PBMs will save plan sponsors and consumers trillions over the next decade, says today's guest blogger. Do you agree? Share your thoughts in the comments. —Andrea Davis, Managing Editor
Employers turn to pharmacy benefit managers to negotiate discounts from drug makers and drugstores. Federal and state policymakers need to guard against special interest schemes to undermine pharmacy networks, formularies and mail-service pharmacy — and other tools that make prescription drugs more affordable.
The potential savings PBMs offer employers on their prescription drug costs are striking. According to a recent
If all plan sponsors adopt PBM-recommended best practices and tools projected prescription drug expenditures could fall by an additional $550 billion over the next decade. Of the $550 billion in additional PBM savings, commercial plan sponsors and their members could save $360 billion.
In addition, according to a recent survey of employers by JP Morgan, businesses continue to implement PBM strategies, such as mail-service pharmacy and pharmacy networks, and more are interested in bringing these new strategies to their workplace. The bank’s survey of employers found that 88% of respondents indicate that they would be willing to implement a pharmacy network in their health plan.
Employers already understand the need for flexibility and fairness. In a separate
Innovative tools created and used by PBMs in employer health plans across the country to manage drug costs ensure that prescribed drugs are appropriate, medically necessary and they save money.
Mark Merritt is president and CEO, Pharmaceutical Care Management Association.
