PBMs Will Save Alabama's Employers $24.7 Billion Over the Next Decade
WASHINGTON, Oct. 24, 2013 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) today launched a new ad campaign in Alabama – "That's What PBMs Do" – to highlight the core value proposition provided by pharmacy benefit managers (PBMs). Innovative tools used by PBMs lower prescription drug costs for employers, consumers, and public programs, such as Medicare and Medicaid.
"Employers count on PBMs to reduce health care costs and ensure that patients get high quality prescription drug benefits," said PCMA President and CEO Mark Merritt.
In Alabama, research shows that PBMs will save employers $24.7 billion in prescription drug costs over the next decade. PBMs lower prescription drug costs through several innovative strategies, including:
- Negotiating Discounts from Drugstores: Retail pharmacies provide discounts to be included in a health plan's pharmacy network. Pharmacies gain business by entering the network and consumers receive discounts on drugs.
- Offering More Affordable Pharmacy Choices: Home delivery of prescription drugs typically gives health plans deeper discounts than retail pharmacies. Mail-service pharmacies also offer consumers discounts on prescriptions and offers greater convenience than retail pharmacies.
- Encouraging Use of Generics and Affordable Brands: PBMs use several tools to encourage the use of generic drugs and more affordable brand drugs. These include formularies, generic incentives, consumer education, and physician outreach.
- Reducing Waste and Improving Adherence: PBMs reduce waste and implement patient adherence programs to help patients stick to their prescription regimens. Both programs improve clinical outcomes and influence prescription drug expenditures.
PCMA represents the nation's pharmacy benefit managers (PBMs), which improve affordability and
quality of care through the use of electronic prescribing (e-prescribing), generic alternatives, mail-service pharmacies, and other innovative tools for 216 million Americans.
SOURCE Pharmaceutical Care Management Association