PCMA on New PwC Report: PBMs Driving Competition to Reduce Drug Costs
WASHINGTON, June 21, 2016 /PRNewswire-USNewswire/ -- The new PwC Health Research Institute (HRI) annual report ("Medical Cost Trend: Behind the Numbers 2017") highlights how pharmacy benefit managers (PBMs) help reduce drug cost trend, specifically noting that: "With increased appetite from employers to narrow their formularies to one treatment option, PBMs are using competition between products to more aggressively negotiate drug costs. This is putting a downward pressure on the growth rate of total healthcare spending. Reflecting the demand for value, the future of PBM contracting points toward paying for results and cures, not fee-for-service, around drug costs."
Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt released the following statement on the new report:
"This report underscores how PBMs are driving competition and in turn reducing costs for consumers, employers, government programs, and unions. Policymakers should embrace greater use of proven PBM tools and reject drugmaker and drugstore lobby mandates that would increase prescription drug costs."
PBMs are projected to save employers, unions, government programs, and consumers $654 billion up to 30 percent on drug benefit costs over the next decade. Learn how PBMs reduce prescription drug costs and improve convenience and safety for consumers, employers, unions, and government programs at That's What PBMs Do.
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, managed Medicaid plans, and others.
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SOURCE Pharmaceutical Care Management Association