Specialty Drugs are Breaking the Bank
Specialty biotech medications are therapeutic breakthroughs for chronic disease conditions, such as Hepatitis C and Multiple Sclerosis. They come with a hefty price tag, however, costing as much as $100,000 or more per treatment. For the entire US healthcare market, specialty medication spending has nearly doubled since 2011, reaching more than $160 billion.
Employers must act now to get ahead of the cost curve
While overall health benefit cost rose by less than 3% in 2016, prescription drug cost rose by about 8%. This is being driven by increased spending on high-cost specialty drugs. Spending on specialty drugs is expected to go up by 20% every year for the next 5 years. Recent results from Mercer’s National Survey of Employer Sponsored Health Plans highlights how this trend could accelerate overall healthcare costs again.
However, there are ways to get ahead of this cost curve. The Mercer specialty pharmacy practice can offer a range of solutions to identify cost trends and strategies to contain them. There’s no one silver bullet for cost management of rising Rx prices. Mercer will work with you to optimize program design and administration, solve complex pharmacy challenges and seek greater value from providers to hold down healthcare spending growth.
In just 8–12 weeks, Mercer’s Managed Pharmacy Practice can identify initial savings of up to 10% of specialty spend. Contact a Mercer`s consultant today for a swat analysis to reduce spend, eliminate waste and identify trends.
Click here to purchase the National Survey report or fill out the form below to speak to a consultant about our specialty pharmacy solutions now.