More than $43 billion.
That's the amount pharmacy benefit managers could save Florida consumers, businesses, labor unions, and government programs over the next decade, according to a new report.
That report, completed by health care consulting firm Visante for the Pharmaceutical Care Management Association (PCMA), is being touted as part of a new public education campaign designed to raise awareness of pharmacy benefit managers, or PBMs.
PCMA is the association that represents PBMs, and the group’s president and CEO, Mark Merritt, said his industry is providing solutions that can help address concerns over rising prescription drug prices.
In Florida, the new research finds that PBMs will save commercial and private insurance plans nearly $22 billion and will lower Medicare costs by more than $19 billion.
“Florida seniors looking for greater prescription drug savings should look at lower cost preferred pharmacy options or home delivery for their chronic medications,” said Merritt.
PBMs administer prescription drug benefits for government programs, such as Medicare Part D, as well as commercial and private health insurers. Merritt said the industry helps reduce drug costs through a variety of means, such as “Amazon.com-style” mail-service delivery of medicines, negotiating rebates from drug makers and discounts from drugstores, encouraging greater use of generics, and creating preferred networks of lower-cost, high-quality pharmacies.
PCMA has launched a new Web site, www.ThatsWhatPBMsDo.com, and will be running ads to educate consumers, businesses and elected officials about the benefits of PBMs.