Navigation Links
New OIG Report Confirms Part D Plans Are Driving Generic Utilization

PBMs Increase Access, Lower Drug Costs for America's Seniors

WASHINGTON, Nov. 16 /PRNewswire-USNewswire/ -- A new report released by the Office of Inspector General (OIG) finding that in Medicare Part D, generic drugs were dispensed 88 percent of the time when generic substitutes were available and that 56 percent of all drugs dispensed are generics confirms that proven pharmacy benefit manager (PBM) tools are driving down prescription drug costs for America's seniors, said the Pharmaceutical Care Management Association (PCMA) today.

"As numerous other studies have found, Part D plans and the PBMs who administer them are driving increased generic utilization," said PCMA President and CEO Mark Merritt. "This most recent report from OIG finding that 56 percent of all Medicare drugs dispensed are generics confirms that proven PBM tools are driving down costs and increasing access on prescription drugs for America's seniors."

Part D plans are achieving high generic utilization rates while complying with numerous Medicare coverage requirements. According to OIG, in Part D:

-- Generic drugs were dispensed 88 percent of the time when

Generic substitutes were available;

-- 37 percent of prescriptions were written for drugs that

have no generic substitutes; and

-- 56 percent of all drugs dispensed were generics.

Proven PBM tools have resulted in overall costs for the Part D program coming in 30 percent less than originally estimated, according to the Centers for Medicare & Medicaid Services (CMS). PBMs will also save the Medicare program and its beneficiaries $693 billion over the 2008-2017 period compared to what expenditures would have been without active PBM management, according to PricewaterhouseCoopers (PwC).

PCMA is the national association representing America's pharmacy benefit managers (PBMs), which administer prescription drug plans for more than 210 million Americans with health coverage provided through Fortune 500 employers, health insurance plans, labor unions, and Medicare Part D.

SOURCE Pharmaceutical Care Management Association
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Virginia Tech Report Has National Importance
2. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
3. GAO Report Confirms: Medicare Underpays for Anesthesia Services; Nurse Anesthetists Assure Seniors Access to Safe Anesthesia Care
4. Haemacure Reports Third Quarter 2007 Results
5. Report on patients access to cancer drugs uses flawed methods to reached flawed conclusions
6. Biotech Finishes on a High in August, Burrill Report Says
7. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
8. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
9. MDS Reports Third Quarter 2007 Results
10. First New York/New Jersey Health Care Report Card Released
11. Authentidate Holding Corp. to Report Fourth Quarter and Fiscal 2007 Year End Results on Thursday, September 13, 2007
Post Your Comments:
(Date:6/24/2016)... MIAMI, Fla. (PRWEB) , ... June 24, 2016 , ... ... Florida Trend magazine’s 2016 Legal Elite. The attorneys chosen by their peers for this ... of Florida. , Seven Greenberg Traurig Shareholders received special honors as members of this ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA is excited ... To Recovery® program to drive cancer patients to and from their cancer treatments. ... highest quality of life and ongoing independence. Getting to and from medical treatments ...
(Date:6/24/2016)... Plano, TX (PRWEB) , ... June 24, 2016 , ... ... taking part in Genome magazine’s Code Talker Award, an essay contest in which patients ... for an award to be presented at the 2016 National Society of Genetic Counselors ...
(Date:6/24/2016)... York, NY (PRWEB) , ... June 24, 2016 ... ... publication Haute Living, is proud to recognize Dr. Barry M. Weintraub as a ... that “the most beautiful women in the world, and the most handsome men, ...
(Date:6/24/2016)... , ... June 24, 2016 , ... ... actively feeding the Frederick area economy by obtaining investment capital for emerging technology ... past 2½ years that have already resulted in more than a million dollars ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... announced the establishment of Astellas Farma Colombia (AFC), a new affiliate with operations headquartered in Bogota. Colombia ... ... ... ... Astellas is a pharmaceutical ...
(Date:6/23/2016)... , June 23, 2016 The vast majority ... outpatient dialysis facility.  Treatments are usually 3 times a ... per visit, including travel time, equipment preparation and wait ... but especially grueling for patients who are elderly and ... skilled nursing and rehabilitation centers for some duration of ...
(Date:6/23/2016)... YORK , June 23, 2016 ... waters, but it continues to present great opportunities to ... companies for today: Intrexon Corp. (NYSE: XON ... Arena Pharmaceuticals Inc. (NASDAQ: ARNA ), and ... more about these stocks and receive your complimentary trade ...
Breaking Medicine Technology: