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Is there a way to control rising prescription drug costs without jeopardizing the health of my employees?

Posted Dec 16th, 2016 in Build a better plan, Employer FAQs

When employers see prescription drug costs rising steadily in their Claims Experience reports, it's not often clear why it's happening.

The immediate reaction is to ask:

"Are my employees falling sick more often?"  Or... "Is there a way to control these rising costs without jeopardizing the health of my employees?"

While the overall health care costs have an inflation trend of ~11%, prescription drugs alone are trending at an increase of ~12%.

Rising drug costs may not be because of a sicker workplace. Often, the rise in costs are due to three variables:

  • Rising costs of prescriptions;
  • Introduction of expensive drugs in the market to treat rare conditions and severe ailments (called Specialty Drugs); and
  • Drugs still being under patent protection.

There definitely are many ways around this necessary expense of prescription drugs. A few examples are:

  • Designing plans with restricted formularies;
  • Implementing specialty drug management plans; or
  • Creating high need coverage plans.

At Revolution, we'll analyze your group's claims experience to assist you in creating the plan your employees need – while also keeping a rein on rising costs.

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