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Specialty Drug Projection: $25 Billion Annually

10/20/17

  03:34:00 pm, by MedBen5   , 185 words,  
Categories: Prescription, Reporting, Cancer, Cost savings

Specialty Drug Projection: $25 Billion Annually

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According to a recent Mercer survey (as reported by Reuters), over the next five years, between 40 to 50 new specialty drugs will be launched on the market each year. These could increase costs by $25 billion annually. (No, that’s not a typo… $25 BILLION annually.)

Many of these specialty drugs were developed to treat costly diseases such as cancer, multiple sclerosis, and hepatitis C. The hope is that, however expensive these medications may be, they will be a cheaper alternative to prolonged medical treatment -- but of course, drug companies offer no guarantee of their effectiveness for every patient.

It also must be stressed that certain specialty drugs are merely two or more existing medications combined into one "convenient" (and pricey) pill. To guard against the use of such drugs, MedBen offers a discretionary formulary listing high-cost drugs that have low-cost generics available. To receive an updated copy, just contact your group service representative.

Specialty drug growth shows no signs of slowing, so MedBen is committed to helping employers keep Rx spending in check. Find out more by contacting Vice President of Sales & Marketing Brian Fargus at bfargus@medben.com.

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