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Greater Generic Acceptance Spurs Rx Spending Declines

02/21/12

Permalink 03:13:26 pm, by MedBen5 Email , 229 words, 1196 views   English (US)
Categories: News, Prescription, Health Plan Management

Greater Generic Acceptance Spurs Rx Spending Declines

Choosing generic drugs over costlier brand-name alternatives has benefited U.S. families in the wallet, The New York Times recently reported.

A study by the RAND Corporation revealed that the number of Americans living in a family that spent more than 10% of its out-of-pocket income on prescription drugs decreased from 2003 to 2008. This represents a reversal of the preceding five-year period (1999-2003), when drug costs rose annually.

The study also noted that the declines were due, in large part, to financial incentives from employers and health plans to encourage the use of generic drugs over brands. Through the use of Rx formularies – tiered lists that offer lower patient copayments for less expensive medications – prescription plan members can realize greater savings while still getting the same health benefits as with pricier pills.

At MedBen, we offers a standard (more open) formulary, as well as a high-performance formulary designed to drive drug use to lower cost drugs in class while still providing a wide range of prescribed drug therapies. And that’s in addition to superior Rx discount rates for plan members.

Employers also see significant savings through MedBen pharmacy plans. All network discounts and rebates received for both retail and mail order prescription drug claims are passed through to the group.

For additional information about MedBen pharmacy plans, please call Vice President of Sales and Marketing Brian Fargus at (888) 627-8683.

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