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Specialty Drug Cost Spikes Require Saving Strategies

08/11/16

  09:08:00 pm, by MedBen5   , 255 words,  
Categories: News, Prescription, Cost savings

Specialty Drug Cost Spikes Require Saving Strategies

pill bottle

While average costs for employer-based health plans nationwide have risen at a fairly moderate pace this decade (though, it should be noted, not as low as MedBen's 5-year trend), specialty drug price spikes continue to concern employers. To reduce the financial impact of these expensive medications, MedBen works with clients to find group-specific solutions.

A new report from the National Business Group on Health estimates that the average cost of an employer-based health plan will increase about 6% in 2017. But specialty drug costs are expected to jump 17% next year, following a similarly high increase in 2016.

MedBen offers a variety of ways to keep specialty drug costs manageable, and offers the services of an experienced pharmaceutical consultant to provide clients with timely advice. Particular strategies can vary from group to group, but they all have a common aim: Giving plan members access to appropriate medications while remaining mindful of bottom line considerations.

Key to saving money on high-end medications is having an awareness of generic equivalents and alternative therapies. In certain cases, so-called "specialty" drugs are nothing more than two or more existing products combined into a single medication that may be more user-friendly, but come at a greatly inflated price tag. MedBen ensures that employers don't get stuck paying for these high-cost medications when far less expensive options are available.

Keeping specialty drug spending in check is critical to controlling costs, and MedBen is dedicated to helping you achieve that goal. Find out more by contacting Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com.

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