SAN DIEGO--(BUSINESS WIRE)--MedImpact, an independent, trend-focused pharmacy benefit manager (PBM), announced today that it held overall 2016 trend growth to 2.9 percent, in spite of increasing drug prices and new, high-cost innovative drugs. Trend for traditional drugs decreased 0.7 percent. Specialty drug trend increased 10 percent in 2016, and represented only 0.7 percent of MedImpact’s claim volume, but accounted for 36 percent of total spend.
“The past three years have brought extensive pharmaceutical advancement to the healthcare market, albeit at a greater cost, while older, generic drugs have undergone price increases over time,” said Greg Watanabe, President and Chief Operating Officer at MedImpact. “Market entry of high-cost specialty drugs necessitates better management strategies to protect plan sponsors from the significant impact to payer budgets these drugs can have. MedImpact, as a trend-focused PBM, offers cost management solutions that enable us to keep our plan sponsors’ trend as low as possible, as evidenced by this report.”
Recent market trends demonstrate rising costs stem from a variety of factors, including:
- New high-cost, innovative specialty drugs
- Inflation of drug prices as set by manufacturers
The report details MedImpact’s success in managing trend in 2016, and provides insights from MedImpact’s high-performing clients and early adopters of advanced management strategies. MedImpact released its 2016 Annual Trend Report and revealed the results at its 2017 Annual Conference in San Diego.
MedImpact, an independent, trend-focused pharmacy benefit manager (PBM), is the nation’s largest privately held PBM, serving health plans, self-funded employers and government entities. Our business model is unique. We focus on effectively managing client pharmacy benefits to promote Lower Cost and Better Care through One Source. Our model aligns us with our clients. We help promote prescribing of lower-net-cost, medically appropriate drugs with fulfillment at the most appropriate participating pharmacy providing competitive pricing, good value and high-quality service. Our number-one goal is client satisfaction by providing flexible solutions and member-centric products with a focus on lowest-net cost and quality outcomes. For more information, go to: https://pbm.medimpact.com/