PALM SPRINGS, Calif.--(BUSINESS WIRE)--Artemetrx, a provider of advanced analytics and management solutions to help organizations better control specialty drug spending across the pharmacy and medical benefit, will exhibit at the 21st annual Pharmacy Benefit Management Institute Conference on Feb. 29 through March 2 in Palm Springs.
Pharmaceutical Strategies Group (PSG), which acquired Artemetrx Health and Artemetrx Specialty Drug in 2011, recently named Kevin Host as President of both organizations. PSG has moved the Artemetrx headquarters from Tennessee to Plano, Texas.
Host, who served as Senior Vice President of Specialty Pharmacy at OptumRx before joining PSG, has “extensive experience and knowledge with specialty drug management that enables him to provide strong strategic direction and growth for Artemetrx,” said PSG Chief Executive Officer Dave Borden.
Conference attendees can meet Host and learn more about Artemetrx’s web-based software application Specialty Monitor™, at Booth 109 at the PBMI Conference at the Westin Mission Hills Golf Resort & Spa.
“I’m excited about the opportunity and sharing how Specialty Monitor provides unparalleled insights for payers and employers with integrated data analytics across all benefits,” Host said.
Although used by less than 1% of health plan members, specialty drugs represent about 30% of the total prescription drug expense for a typical plan sponsor. Industry experts forecast that with estimated cost growth rates of 17% to 22% annually, specialty drugs will represent more than one-half of drug expense beginning in about 2017 or 2018, according to Prime Therapeutics Specialty Drug Trend Insights.
Many plan sponsors struggle to access comprehensive specialty spend, which is split between the medical and pharmacy benefit and poses one-of-a-kind analytic challenges. Even with available data, understanding how to effectively develop strategies to manage specialty drug spend is challenging.
Specialty Monitor provides insight gained from analyzing over 60 integrated specialty drug strategy diagnostics during the last several years. Specialty Monitor is designed for comprehensive specialty drug oversight across pharmacy and medical benefits. The technology enables health plans, employers and other plan sponsors to monitor the specialty trend and realize potential savings.
Specialty Monitor offers an unprecedented level of specialty drug data and intelligence about pharmacy and medical benefits, with a full suite of management analytics to identify hidden spend, pricing competitiveness based on the site of care, clinical appropriateness, network management and other information.
So payers can quickly detect important specialty drug trends, vendor performance and savings opportunities, regardless of where the drug was administered. Information through the application includes claim- and member-level analytics to support claims repricing, network optimization and care management.
About Artemetrx Specialty Drug Solution
Artemetrx Specialty Drug Solution provides advanced analytics, consulting and management solutions to help plan sponsors better control specialty drug spending across the pharmacy and medical benefit. The Plano, Texas-based company offers the services to a variety of health care organizations, payers, plans sponsors and the members they serve.