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Pharmacy Benefit Management Institute Recognizes Innovation in Drug Benefit Industry
SOURCE: Pharmacy Benefit Management Institute, Inc.
2:45PM, April 27, 2006
SCOTTSDALE, Ariz, April 27, 2006 - The Pharmacy Benefit Management Institute has awarded its 2006 Rx Benefit Innovation Awards to Cingular Wireless and the HR Policy Association Pharmaceutical Purchasing Coalition for improving the delivery of drug benefits.
Cingular Wireless of Atlanta is being recognized for a comprehensive coinsurance plan design and long-term measurement of its impact on drug spend, generic utilization, and compliance for both bargained and non-bargained employees. The HR Policy Association Pharmaceutical Purchasing Coalition, based in Washington, DC, is being recognized for articulating principles of transparency for pharmacy benefit management contracting.
"Cingular Wireless and the Pharmaceutical Purchasing Coalition exemplify a commitment to improving the delivery of drug benefit programs in a fiscally responsible way," says Dana H. Felthouse, president of the Pharmacy Benefit Management Institute (PBMI). "These organizations recognize the value of aligning incentives among employees and the purchasers of their health care."
In the first year of implementing its new four-tier coinsurance plan design with non-bargained employees, Cingulars cost per employee per month decreased by $6.07 or 8 percent. The plan design effectively changed employee purchasing behavior, resulting in a 4.6 percent increase in the generic dispensing rate. Compliance with drug regimens for chronic conditions improved. Annualized savings resulting from this changed employee behavior was more than $2.8 million.
The HR Policy Association Pharmaceutical Purchasing Coalition of more than 50 companies representing five million lives developed and published a definition of transparency and standards. The standards, called Transparency in Pharmaceutical Purchasing Solutions (TIPPS), were published in 2005 with the technical assistance of Hewitt Associates. Since then, three of the nations largest PBMs have been certified by the Coalition under the TIPPS platform. More PBMs are expected to be certified in 2006. HR Policy Association is a public policy advocacy organization representing the senior human resource executives of over 260 leading employers doing business in the United States.
PBMI Educates Industry
The fourth annual Rx Benefit Innovation Awards will be presented today at PBMIs 11th annual prescription drug utilization management conference at the Scottsdale Plaza in Scottsdale. Past winners include AmeriHealth Mercy/Perform Rx, Cypress Care, Catalyst Rx, ePocrates, Express Scripts, Medco Health Solutions, Memorial Health System, Prescription Solutions, and University of Michigan.
More than 350 U.S. benefit executives who design and administer drug benefit programs attend the nations premier meeting dedicated to drug benefit management. PBMI provides research, continuing education, publications and Web resources to help health care purchasers work effectively with PBMs and other industry professionals to improve pharmacy benefit programs and control costs. Read case studies on award winners at www.pbmi.com.
For additional information visit
www.pbmi.com
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