Rising pharmaceutical launch prices are being challenged as more retail-facing companies enter the healthcare space.
The recent decision by CVS allowing plans to exclude drugs above a certain threshold price is one piece in the broader movement of driving down launch pricing. There is now an even greater need for healthcare executives to evaluate the needs of their clients and push for an increase in transparency around drug pricing. Paige Smith, director of analytics at OneDigital Richmond, explains that the solution to fixing the broken pricing structure lies in the hands of both pharmaceutical companies and the PBMs, in the recent article “Top Ways Drug Launch Pricing is Changing” published in Managed Healthcare Executive.
Employers contract with pharmacy benefit managers (PBMs) and put their trust in them to help make medication costs affordable for their employees – this is what they are being paid to do. PBMs as well as the pharmaceutical companies are losing sight of the consumers who need affordable medications and are being driven by visions of high profit margins.
— Paige Smith, Director of Analytics, OneDigital Richmond
To find out more about how your organization can impact the cost of pharmacy spend, reach out to your OneDigital consultant today.