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PCMA Outlines $100 Billion in Prescription Drug Savings for Deficit Reduction Committee
Date:8/31/2011

WASHINGTON, Aug. 31, 2011 /PRNewswire-USNewswire/ -- As the Joint Select Committee on Deficit Reduction examines options to reduce the deficit by $1.5 trillion over the next ten years, the Pharmaceutical Care Management Association (PCMA) outlined in a letter to the committee opportunities to leverage greater use of pharmacy benefit management tools to save more than $100 billion in prescription drug costs over that same time period.

"Everyone in the pharmacy community: drugstores, pharmacy benefit managers, drug companies, drug wholesalers, and others have a responsibility to offer cost-saving solutions to this committee," said PCMA President and CEO Mark Merritt. "The solutions we outline would save more than $100 billion, improve prescription drug benefits, and increase access to these benefits."

Using innovative cost-saving tools and technologies, PBMs have worked closely with payers in designing drug benefits that lower costs and expand access to prescription drugs.  These tools – including pharmacy networks, home delivery, utilization management (such as step therapy and prior authorization), and formularies – help make prescription drug benefits more affordable.

Below are options PCMA recommended to the Joint Select Committee:

  • Modernize Medicaid Pharmacy. Over the next decade, the federal government could save $21 billion – without cutting benefits or payments to doctors and hospitals – by modernizing Medicaid pharmacy benefits. Currently, the program uses fewer generic drugs and pays drugstores more than double the dispensing fees that Medicare or private insurers pay.
  • Maximize Generic and Therapeutic Substitution in Part D.  Fully realize the potential savings available as outlined by the Congressional Budget Office to increase ge
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SOURCE Pharmaceutical Care Management Association
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