|By PR Newswire||
|February 4, 2014 07:02 PM EST||
ST. PAUL, Minn., Feb. 4, 2014 /PRNewswire/ -- Prime Therapeutics LLC (Prime), a leading pharmacy benefit manager, helped nearly 20,000 members save more than $21.2 million on high-cost, specialty medicines in 2013 by helping members secure specialty copay offset programs. These copay offsets – mainly manufacturers' coupons and patient assistance programs (PAPs) – are one way Prime helps to lower out of pocket costs for members. Prime's researchers will present these findings at Pharmacy Benefit Management Institute's (PBMI) 2014 conference, Feb. 3-5 in Las Vegas.
With specialty drug costs expected to rise to 50 percent of commercially insured total drug costs by 2018, Prime Therapeutics Specialty Pharmacy LLC (Prime Specialty Pharmacy) helps health plans, employers and members control costs and manage complex health conditions such as cancer, rheumatoid arthritis and multiple sclerosis. In addition to offering a full suite of specialty pharmacy services, including delivery of specialty medicines, care management, and insurance billing, it also works to make medicine more affordable for its members and the health plans it serves.
Copay coupons and PAPs are offered by pharmaceutical manufacturers to help patients defray the cost of drug treatments and help maintain member adherence. According to a September article in New England Journal of Medicine, nearly 400 traditional and specialty drugs offer a coupon for payment assistance. Additionally, 62 percent of these coupons were for brand-name medicines that had lower-cost therapeutic alternatives available.
"Copay coupons can be inappropriate for many medicines when there are low cost generic alternatives often available," said Pat Gleason, PharmD, BCPS, FCCP, director of health outcomes for Prime. "However, coupons can be vitally important for specialty medicines due to the high cost and lack of generic options."
Until now, little was known about these copay offset programs, since data on coupon and PAP use are frequently not collected by pharmacy benefit managers. However, Prime recently studied 264,801 Prime Specialty Pharmacy prescription claims for 37,890 members with prescriptions totaling $911,779,674. The following results showed applying copay offset programs had a significant impact:
- Prime Specialty Pharmacy helped 19,862 members (52.4%) save $21,234,246 through copay offsets (manufacturer coupons and patient assistance programs - PAPs)
- The savings of $21,234,246 represents 60.2% of the member share (originally $35,297,162)
- 44.3% of the prescriptions (117,330 claims) had a copay offset applied to the member share.
- The average yearly savings per member who received copay offsets was $1,069 (of the 19,862 members, for all their prescriptions through Prime Specialty Pharmacy during 2013)
- $80 in copay offset savings per all prescriptions dispensed from Prime Specialty Pharmacy in 2013
- $181 in copay offset savings per prescriptions dispensed from Prime Specialty Pharmacy where a copay offset was applied
- >$1,000 copay offset savings was found in 4,893 (4.2%) of Prime Specialty Pharmacy prescriptions dispensed with any copay offset
"Helping members take advantage of these cost-reducing measures is critical because the high cost of specialty medicines has been shown to negatively affect members' adherence to their medicines," noted Gleason. "Applying copay offsets is just one of the many ways we help members get the medicines they need to feel better and live well."
About Prime Therapeutics
Prime Therapeutics LLC (Prime) helps people get the medicine they need to feel better and live well. Prime manages pharmacy benefits for health plans, employers, and government programs including Medicare and Medicaid. The company processes claims and delivers medicine to members, offering clinical services for people with complex medical conditions. Headquartered in St. Paul, Minn., Prime serves nearly 25 million people. It is collectively owned by 13 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those plans. Prime has been recognized by Modern Healthcare as one of "healthcare's hottest companies for 2013."
For more information, visit www.primetherapeutics.com or follow @Prime_PBM on Twitter.
SOURCE Prime Therapeutics LLC
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 29, 2016 04:45 PM EDT Reads: 1,308
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 29, 2016 04:15 PM EDT Reads: 2,573
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 29, 2016 04:00 PM EDT Reads: 2,050
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 29, 2016 04:00 PM EDT Reads: 2,633
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 29, 2016 02:00 PM EDT Reads: 2,025
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 29, 2016 02:00 PM EDT Reads: 2,961
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 29, 2016 01:00 PM EDT Reads: 1,980
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 29, 2016 12:45 PM EDT Reads: 1,681
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 29, 2016 11:30 AM EDT Reads: 1,449
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
May. 29, 2016 11:15 AM EDT Reads: 625
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
May. 29, 2016 11:00 AM EDT Reads: 728
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 29, 2016 11:00 AM EDT Reads: 1,438
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 29, 2016 10:30 AM EDT Reads: 1,285
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 29, 2016 10:00 AM EDT Reads: 2,539
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 29, 2016 09:45 AM EDT Reads: 2,040