In just four years, U.S. retail prescription drug spending grew nearly 27%… a substantial increase that illustrates the need for pharmacy solutions like those available through MedBen Rx.
A new report from the Pew Charitable Trusts found that annual spending on retail prescription drugs rose from $250.7 billion in 2012 to $341 billion in 2016. Drug spending outpaced all other types of health care expenditures, and is expected to continue to rise faster in the future.
While drug spending shows little signs of slowing, MedBen Rx counters spending growth with a smart approach to reducing pharmacy costs. Our programs eliminate the elements that contribute to higher spending, like pharmacy benefit managers (PBMs) and artificially inflated wholesale prices. Instead, we base a drug’s price its actual pharmacy cost plus an appropriate dispensing fee, so you pay less.
The report also notes that to offset spending increases, PBMs passed through a larger percentage of rebates to employers and other payers – 91% in 2016 compared to 78% in 2012 (though PBMs got some of that back with higher administration fees). Meanwhile, MedBen Rx continues to offer total transparency, ensuring that 100% of rebates go back to the employer.
Don’t let rising drug spending get the best of your health care plan. Learn about the MedBen Rx difference by contacting Vice President of Sales & Marketing Brian Fargus at 888-627-8683 or bfargus@medben.com.