Modern Healthcare recently highlighted the growing disparity between brand-names and generics in relation to prescription drug spending. A new study finds that while total spending on generic drugs has declined, branded prescription drug spending continues to rise. In 2017, brand-name prescription drugs represented only 17% of total prescriptions filled but made up 79% of total pharmaceutical spending.
While controlling generic drug costs is certainly important – indeed, MedBen generic discount rates continually beat what the big national pharmacy benefit managers (PBMs) pass on to employers – for a pharmacy plan to see substantial savings, it is equally essential to rein in brand-name spending. MedBen Rx pharmacy solutions were created with that very goal in mind.
MedBen offers two pharmacy programs, Rx Advocate and Rx Alliance, that while distinctive in many respects, share a common goal: To help employers realize the lowest prices possible on prescription drugs. How do they achieve that goal? Again, both programs follow unique paths… but they start by focusing on a drug’s true cost, rather than artificial markups.
Nor do the saving strategies end there. MedBen works with pharmacy benefit professionals dedicated to finding sensible ways to reduce prescription spending. Through formularies, claims analysis, and other cost containment tools, we continually help clients get the biggest benefit for their Rx dollar.
You can get additional details on how the MedBen Rx programs work by visiting our website. You’re also welcome to contact our Vice President of Sales & Marketing Brian Fargus at 888-627-8683 or bfargus@medben.com.