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Twenty-five percent of employers have little or no understanding of specialty pharmacy and 53% have only a moderate understanding of this challenging benefit according to a new survey released by the Midwest Business Group on Health.
Pharmacy-related wasteful spending topped $403 billion in 2010, up from $163 billion in 2009, according to the 2010 Drug Trends Report by Express Scripts. Between 2010 and 2014, estimates put the figure at more than $1.2 trillion.
It was a busy summer in the pharmacy benefits management business. First, in June, pharmacy chain Walgreens announced it would withdraw from Express Scripts' pharmacy provider network starting Jan. 1, 2012. Walgreens said the poor contract terms Express Scripts was offering – including prescription reimbursement rates below the industry average – made it impossible for the pharmacy chain to continue its relationship with the PBM.
Its been a little over two months since pharmacy chain Walgreens announced it would be leaving Express Scripts pharmacy provider network. Kermit Crawford, president of Walgreens pharmacy, health and wellness business, sat down with EBN recently to discuss his companys position.
With two Harry Potter fans still living at home, our family couldn't wait to visit The Wizarding World of Harry Potter last week while on vacation in Orlando, Fla. Our family of four "muggles" whizzed around on broomsticks, played Quidditch and drank delicious butter beers in this land of magic and illusion at Universal Studios.
Expensive new cancer drugs, treating increasing numbers of patients, could drive cancer drug spending by as much as 15% a year through 2013, according to the 2011 Medco Drug Trend Report, which tracks drug utilization and spending.
UnitedHealth Group is pushing into managing pharmacy benefits, bucking a trend among U.S. health insurers and threatening the dominance of the three largest companies that help negotiate drug pricing.
Medco Health Solutions Inc. will lose a major pharmacy benefit contract to CVS Caremark Corp. starting next year, sending Medco shares down almost 11% and CVS up nearly 4% Friday.
Expensive new cancer drugs, treating increasing numbers of patients, could drive up cancer drug spending by as much as 15% a year through 2013, according to the newly released 2011 Medco Drug Trend Report, which tracks drug utilization and spending.
Electronic prescriptions among U.S. office-based prescribers increased 71% to 326 million in 2010, compared with 190 million the previous year, according to an annual progress report from e-prescribing network vendor Surescripts.
U.S. spending growth on prescription drugs slowed to 2.3% in 2010, the second lowest level in 55 years, according to a report by consulting firm IMS Health.
The Supreme Court ruled on Tuesday that a group of large pharmaceutical companies cannot be sued by a California county for allegedly overcharging for prescription drugs in violation of federal law.
California's insurance regulator has thrown its weight behind a lawsuit accusing Bristol Myers Squibb Co of dishing out kickbacks to doctors who prescribe its drugs.
Prices for prescription drugs rose at a faster rate than costs for other medical goods and services over the last four years, according to a new government report.
Catalyst Health Solutions Inc said it will buy Walgreen Co's pharmacy benefits management unit for about $525 million in cash, a deal that might spur more consolidation before big generic drug launches that could boost the business.
Employers have taken on new aggression toward cutting prescription benefit costs while enhancing quality of coverage. Even in a dark economy and among confounding health care reform legislation, prescription benefit managers are having success with new benefit tactics and evidence-based value design.
In a year replete with bad news, one of the most encouraging pieces of good news in 2010 was an uptick in the rate of growth of consumer-directed health plans. By the end of this year, more than 60% of U.S. employers are expected to offer a CDHP, according to a July 2010 GAO report.
As many employers navigate their first months of compliance with the Patient Protection and Affordable Care Act, it could be assumed that employees are enjoying the quiet before the storm.
The Internal Revenue Service issued new guidance allowing the continued use of flexible spending arrangement and health reimbursement arrangement debit cards for the purchase of prescribed over-the-counter medicines and drugs.
On New Years Day, millions of Americans will awaken to a very unpleasant surprise. Hundreds of medicines and drugs they were able to purchase just the day before on a tax-free basis will no longer be available tax-free.
