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For Real Rx Savings, Generics (and MedBen) Deliver

07/14/17

  03:11:00 pm, by MedBen5   , 191 words,  
Categories: Prescription, Cost savings

For Real Rx Savings, Generics (and MedBen) Deliver

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When promoting pharmacy plans, third party administrators sometimes play up their brand-name drug discounts... conveniently overlooking the fact that most doctors prescribe generic medications when available. That's why MedBen focuses on the real savings, by offering a highly competitive discount on generics.

In 2016, MedBen's discount rate on retail generic drugs (based on average wholesale price) was 76.9%. Plan members who utilized our mail order service saw an 82.3% discount.

A MedBen client learned firsthand the importance of generic discounts when they switched to a competitor's pharmacy benefits manager (PBM), only to find that the promised savings weren't delivered. We compared their plan-year pharmacy costs under the new PBM with our projected costs for the same period. While the competitor had a slightly better discount on brand drugs, MedBen’s generics discount was significantly greater... so much so, the difference in their annual savings would have exceeded $111,000, or 17% of pharmacy costs.

Nearly 90% of the pharmacy claims MedBen processes are for generic drugs, so it just makes smart financial sense to direct client discounts to maximum pharmacy savings. Learn more about our Rx Advantage by contacting Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com.

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