ST. PAUL, Minn., Oct. 19 /PRNewswire/ -- Prime Therapeutics (Prime), a thought leader in pharmacy benefit management, has met high standards of pharmacy cost transparency, earning it 2011 Transparency in Pharmaceutical Purchasing Standards(SM) (TIPPS) certification from the HR Policy Association. This is the fourth consecutive year that Prime has received this certification.
TIPPS certification is given annually to pharmacy benefit managers (PBMs) that have agreed to provide pharmacy cost information to the association's 60 member companies, which purchase pharmacy benefits for more than five million Americans. For 2011, Prime was one of just five PBMs that agreed to provide actual average inventory cost (AAIC) for mail service pharmacy pricing, earning it the HR Policy Association's AAIC level of certification.
"Since its inception, Prime has been focused on the practice of greater transparency and fully supports demonstration of this viewpoint across the industry," said Eric Elliott, President and Chief Executive Officer of Prime. "TIPPS certification is an important recognition for Prime; we believe that Prime's additional commitment to aligning with our clients at mail as well as retail demonstrates our intent to deliver the lowest possible cost of care for our clients and their members."
The TIPPS program requires PBMs to provide transparency in acquisition costs, home delivery costs, pass-through of pharmacy revenue, specialty pharmacy drug costs, plan management and consumer engagement efforts. Participating PBMs also grant the association the right to audit the organization in each of these areas.
Prime Therapeutics LLC is a pharmacy benefit management company dedicated to providing innovative, clinically based, cost-effective pharmacy solutions for clients and members. Providing pharmacy benefit services nationwide to nearly 17 million covered lives*, its client base includes Blue Cross and Blue Shield Plans, employer and union groups, and third-party administrators. Headquartered in St. Paul, Minnesota, Prime Therapeutics is collectively owned by 12 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those Plans. Learn more at www.primetherapeutics.com.
*As of January 1, 2011
SOURCE Prime Therapeutics