Pharmacy spending is on the rise with employers applying 40% of their entire medical spending budget to prescription drug costs, but what if anything can really be done to manage it? Enter: The Pharmacy Risk Manager (PRM). Your Pharmacy Risk Manager helps manage and control your company’s pharmacy benefit spending, using these 5 cost-saving strategies.
The Pharmacy Risk Management program has no one to please but the client. Unlike PBMs who have financial relationships with drug manufacturers PRMs are independent and unbiased, led by licensed pharmacists and physicians, and backed by clinical research.
The Pharmacy Risk Manager helps employers stop flying blind. There is no way a program can be successful in cost containments without current data. Your PRM provides employers with a comprehensive analysis of current and historical data, which allows them to measure the effectiveness of the current Plan, consider other therapeutic alternatives, and then determine the best plan strategies and tactics for the future. Don’t leave hundreds of thousands of dollars on the table because you didn’t have the data to make informed decisions.
The PRM program is committed to involvement of clear communication between plan members, pharmacists, physicians and the plan administrators. When members are better informed, the members, their physicians and pharmacists make better, more cost effective decisions and the members and the plan both save money.
20% of all new prescriptions go unfilled and 40% of patients do not adhere to their prescribed medications. Non-adherence can lead to three times as many doctor visits and an additional $2,000 spent per non-adherent member per year. The RxResults Medication Therapy Management (MTM) program, for example, is intimately involved in the patient’s lives. Through support, encouragement and education, more patients are filling and using their medications properly—saving hundreds of dollars annually for the member and thousands of dollars per member annually for the plan.
The answer to rising pharmacy spend is evidence based pharmacy risk management, but it only works if everyone involved wants the same thing: to provide for the safety and well-being of the plan members in the most cost effective manner possible. The RxResults model is successful because its’ incentives are aligned with the plan, the member and the payer. When everyone has the same goal, it works.
The next generation model for managing and controlling your pharmacy benefit spend is Evidence-Based Pharmacy Risk Management. Pharmacy Risk Managers identify cost savings and work seamlessly with all parties involved to deliver meaningful results.