ST. PAUL, Minn., Sept 6 /PRNewswire/ -- Prime Therapeutics (Prime), a thought leader in pharmacy benefit management, announced today its 2008 Transparency in Pharmaceutical Purchasing Standards SM (TIPPS SM) certification.
TIPPS requirements are set forth by the HR Policy Association Pharmaceutical Coalition, an alliance of major employers formed in 2004. The TIPPS initiative calls for adherence to nine drug purchasing transparency standards, including providing acquisition costs for all drugs through mail service and specialty pharmacy.
Prime's private ownership structure by not-for-profit Blue Cross and Blue Shield Plans allows for extensive disclosure and transparent business practices. "Prime was founded on principles of transparency, disclosure and working in the best interests of our clients," said Matt Yordy, Senior Vice President of Business Development at Prime. "We remain committed to these ideals and to demonstrating them to the marketplace. TIPPS is an extension of this commitment."
Cory Super, Prime's Senior Director of National Account Sales, indicates that in order for transparency to have an optimum impact on consumers, all participants in the pharmacy delivery channel, including plan sponsors and employer groups, must share a commitment to transparency. "The TIPPS initiative eliminates the 'shell game' that may exist in the pharmacy benefit management (PBM) market today. It mandates pass-through of negotiated discounts, drug costs and PBM revenue streams as well as demands adherence to disclosure and audit requirements," says Super. "TIPPS ensures employer groups have a consistent way to really check under the hood."
TIPPS is administered by the Pharmaceutical Coalition. The Coalition includes fifty-eight companies representing more than 5 million lives with collective drug spending in 2005 of more than $4.9 billion. TIPPS certification requires PBMs to pass along 100 percent of all revenue from drug manufacturers related to the employer's contract. It also includes rigorous audit rights to guarantee compliance. TIPPS certification requires an annual renewal process.
Prime Therapeutics is a pharmacy benefit management company dedicated to providing, innovative, clinically-based, cost-effective pharmacy solutions for clients and members. Providing pharmacy benefit services nationwide to approximately 12.5 million covered lives, its client base includes Blue Cross and Blue Shield Plans, employer and union groups, and third-party administrators. Headquartered in St. Paul, Minnesota, Prime Therapeutics is collectively owned by ten Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those Plans. Learn more at http://www.primetherapeutics.com.
Transparency in Pharmaceutical Purchasing Standards and TIPPS are service marks of Health Care Policy Roundtable, LLC.
|SOURCE Prime Therapeutics|
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