WellPoint's PBM One of Only 13 Companies to Meet HRPA's Stringent Pricing
and Transparency Requirements
INDIANAPOLIS, Oct. 10 /PRNewswire/ -- WellPoint NextRx, the nation's largest health plan-owned pharmacy benefit management (PBM) subsidiary, has received Transparency in Pharmaceutical Purchasing Solutions (TIPPS) certification from the HR Policy Association (HRPA). Effective January 1, 2008, the certification will enable WellPoint NextRx to offer PBM services to customer members of the HRPA Pharmaceutical Purchasing Coalition, which is made up of more than 55 of the nation's largest employers and provides pharmacy benefits to more than five million Americans.
"WellPoint NextRx is committed to promoting transparency in our industry and our TIPPS certification is evidence of this commitment," said Renwyck Elder, president of WellPoint NextRx, a division of WellPoint, Inc. "We look forward to working with members of the HR Policy Association as well as other companies to help them better manage their pharmacy costs and develop benefit designs that bring the greatest possible value to their employees."
To be certified, WellPoint NextRx agreed to meet the following business standards:
-- To provide the acquisition price of brand and generic drugs
delivered by mail order
-- To charge employers the same price that WellPoint NextRx pays to the
dispensing pharmacy for brand and generic drugs dispensed at retail
-- To disclose and pass through any and all payments received by
WellPoint NextRx from pharmaceutical manufacturers that are based on
an employer's drug utilization
-- To allow an audit of contracts to verify compliance
Each year, the HRPA formulates a uniform definition of transparency and annually certifies organizations that agree to TIPPS standards. For 2008, HRPA has certified five new PBMs and recertified eight PBMs that have agreed to do business in a fully transparent manner.
"Full transparency makes it easier for employers, their employees, and their dependents to understand the true price of their medications to support more informative healthcare decisions," said Elder. "WellPoint NextRx has always been dedicated to full transparency and we are extremely proud that HRPA has recognized our efforts."
WellPoint NextRx is a service mark of WellPoint, Inc. (NYSE: WLP), services are provided by a WellPoint PBM (either Professional Claims Services Inc., doing business as WellPoint Pharmacy Management, or Anthem Prescription Management, LLC, as appropriate). WellPoint NextRx is a division of WellPoint, Inc.
About WellPoint, Inc.
WellPoint's mission is to improve the lives of the people it serves and the health of its communities. WellPoint, Inc. is the largest health benefits company in terms of commercial membership in the United States. Through its nationwide networks, the company delivers a number of leading health benefit solutions through a broad portfolio of integrated health care plans and related services, along with a wide range of specialty products such as life and disability insurance benefits, pharmacy benefit management, dental, vision, behavioral health benefit services, as well as long term care insurance and flexible spending accounts. Headquartered in Indianapolis, Indiana, WellPoint is an independent licensee of the Blue Cross and Blue Shield Association and serves its members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as Empire Blue Cross Blue Shield in 10 New York City metropolitan and surrounding counties and as Empire Blue Cross or Empire Blue Cross Blue Shield in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), Wisconsin; and through UniCare. Additional information about WellPoint is available at http://www.wellpoint.com.
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