Over 92% of companies with more than 500 employees offer pharmacy benefits as part of their health plan. Many business leaders – especially CFOs – are concerned by the fast-growing costs of prescription drugs and the impact those rising costs may have on their bottom line.
However, most have little insight into how the industry works. And the deeper they dig in and try to understand, the more convoluted and frustrating it all becomes.
To make matters more challenging, there are contractual relationships and revenue streams throughout the pharmacy supply chain that aren’t easily seen by most companies. The journey a prescription drug takes from the manufacturer to your employee’s medicine cabinet is anything but straightforward – and that journey is full of incentives that may not be passed on to you.
So, the question is: Without transparency or the right knowledge, how can you ensure your company’s pharmacy benefits plan is designed to bring the best value?
We’re revealing the truths every business leader should know about the pharmacy benefits industry – from undisclosed revenue sources and missed savings to the key benefit design elements that every plan needs to ensure the greatest value.
The right pharmacy benefits partner and a medically integrated approach can not only help you mitigate risks, but also improve overall care. We’re here to support you at every step – as a resource and partner.
As an employer, you may rely on others to help negotiate your pharmacy benefit plan. Here are some questions to help you start a conversation with your advisor.