Combatting Drug Price Increases Requires Proven Saving Solutions

Oct 16, 2023 | Cost Savings, MedBen Rx, Pharmacy, Prescription, Rx Costs, Savings

From a new report published by the U.S. Department of Health & Human Services:

“Over the period from January 2022 to January 2023, more than 4,200 drug products had price increases, of which 46 percent were larger than the rate of inflation. The average drug price increase over the course of the period was 15.2 percent, which translates to $590 per drug product.” [Emphasis added]

Among the key points mentioned in the report:

  • Price changes ranged from a decrease of 99 percent to increases of over 3,000 percent. 
  • Of the 4,264 drug products that saw price increases, 1,982 (46 percent) were greater than the increase in the consumer price index for all urban consumers (CPI-U) for this period (which was 6.4 percent). During the same period, 1,599 drug products had price decreases.
  • Percentage price increases for multi-source drugs (produced by multiple drugmakers) tend to be higher than for single source drugs (exclusive to one manufacturer), while the absolute dollar increases are much larger for the latter. The average price change for single source drugs was 7.4 percent ($958) while the average increase for multi-source drugs was 26.0 percent ($69).
medicine pills on counting tray

So despite government efforts to rein in these drug price spikes, the reality is that finding fixes remains in the hands of consumers. And if you sponsor a group pharmacy plan, multiple saving solutions may be required… which is where MedBen Rx comes in.

MedBen Rx offers a variety of pharmacy solutions that, individually or collectively, will reduce your prescription drug spend. They include:

  • Pricing solutions that ensure that you pay the lowest drug costs available to your organization.
  • Access solutions, including specialty drug assistance to deliver best-in-market pricing.
  • Appropriateness solutions using clinical-based research that recommends the most effective drugs.

From 2019 to 2022, MedBen Rx clients beat their previous pharmacy benefit managers by an average of 18 percent after switching to our proven solutions. Take the first step to fighting back against drug price spikes by contacting your broker or calling us at 888-627-8683.