RxBenefits’ Vice President of Clinical Solutions, Dr. Mark Campbell, PharmD, explained how COVID-19 is influencing prescription drug trends and how HR leaders can prepare for increasing benefits costs in an article for TLNT. The article includes market data on predicted cost impacts payers could incur because of the pandemic and a detailed discussion of two strategies they can implement to better manage prescription drug costs and support their employees. Following is the introduction; read the full article here.
How to Prepare for Rising Pharmacy Benefit Costs
HR leaders were already bracing for rising benefits costs before the coronavirus pandemic hit. The 2019 Kaiser Family Foundation’s annual employer benefits survey found that the average family plan cost has increased by 22% over the past five years, and by 54% since 2009. Employer health benefits were already expected to rise another 5% this year.
Now, however, as HR leaders move forward in what is our new normal, there is an even greater need to minimize costs while simultaneously ensuring employees have access to the medical support they need. While planning how to operate successfully in this new environment, there is one area in particular to consider: restructuring pharmacy benefits.