PharmacyAny change in benefits can be confusing and sometimes troubling for employees.
The viability of the pharmacy benefit manager/retail pharmacy business model has come under fire again as critics accuse CVS Caremark of driving up costs for health plans and lowering quality for patients, reducing transparency and hampering oversight for health plans and compromising the privacy of health plan participants.
Whether it's a carrier-based or stand-alone pharmacy benefit manager, employers continue to turn to PBMs to save additional dollars on pharmacy benefits.
Financial transparency in a pharmacy benefit management vendor relationship appears to have emerged as a pivotal factor for employer satisfaction, new data suggest.
Changes to the way pharmacy benefit managers price the drugs they cover recently went into effect, with far-reaching consequences for both PBMs and the many employers using their services
Pharmacy-retail chains Walgreens and CVS Caremark recently rolled out programs aimed at improving medication adherence and care coordination for their pharmacy customers.
The recession isnt over yet and continues to force employers and upper management to clamor for reform that promotes personal wellness and promotes generic versions of specialty drugs for market entry.
Medicare Part D, which covers prescription drugs, has moved quickly from 'a new to a relatively mature marketplace' since it went into effect in 2006, according to Dave Osterndorf, chief health actuary for Towers Perrin. But there are still 'a huge number of options' for both company benefit managers and retirees to sort through.
To control the costs of prescription drug plans, more employers are focusing on cost sharing and low-price generic drugs, according to Buck Consultants second annual Prescription Drug Benefit Survey.
The expanded use of generic drugs up five percentage points from 2007 to 2008 among Blue Cross and Blue Shield Plan members has led to at least $2.5 billion in savings, according to the company.
Wal-Mart plans to expand a pilot program that eliminates copayments on generic drugs purchased at its stores to more employers. The program requires the employer to buy the generic prescription drugs directly from the giant retailer.
Americans have become blindsided by prescription drug costs recently, leading many to partake in unsafe practices to control those costs, a Consumer Reports poll discloses.