In an article for BenefitsPro, RxBenefits’ Chief Executive Officer, Bryan Statham, explains that while federal legislation on drug pricing may be slowed, it’s important that brokers and their self-funded employer clients understand the potential impact of the bills on the table. He breaks down the two major proposals and shares tips for brokers seeking to help their clients proactively mitigate the impact of rising drug costs, regardless of what happens on Capitol Hill. Following is a brief excerpt; you can read the full article here.
Drug Pricing Legislation and the Impact on Self-Insurers’ Pharmacy Spend
Health care spending in the U.S. continues to increase year after year, with prescription drugs accounting for a significant portion. The Centers for Medicare and Medicaid Services estimates that prescription drug expenditure in the United States came to some 335 billion U.S. dollars in 2018. CMS predicts that, over the next 10 years, spending on prescription drugs will be the fastest growth health category and will consistently outpace other health expenditures. It is for this reason that health plans, employers and policymakers have been calling for measures to help lower the cost of prescription medications.
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