Pittsburgh Business Group on Health Prescription Drug Program Drives More Than $25 Million in Savings for Employers in 2017
Collective Purchasing Power of Employers Contributes to Success of Pharmacy Benefit Management Program; Market Check Validates Competitive-Level Rx Pricing
PITTSBURGH, PA – March 7, 2017 – The Pittsburgh Business Group on Health (PBGH) today announces that its prescription drug program contracting efforts will result in more than $25 million in savings in 2017 for PBGH employer-members enrolled in the program.
The Market Check contractual feature, which was deployed in 2016 as part of program, helps employers gauge changes in Rx savings over historical periods, including rebates associated with prescription drug pricing. PBGH employer-members, for example, are currently achieving more than 15 percent in total gross savings relative to 2016.
The prescription drug program, which is managed by CVS/caremark (NYSE: CVS), will serve approximately 135,000 lives – administering approximately $220 million in annual drug spend.
“By working with PBGH, employers were able to unite their collective buying power to achieve critical, actionable insight into prescription drug spending, as well as to achieve significant Rx savings via this best-in-class drug program,” said Jessica Brooks, CEO & executive director, PBGH.
Key benefits of the Prescription Drug Program include high quality outcomes, including specialized clinical solutions to support targeted population intervention and monitoring, specialty care management nurse support, and built-in market checks for competitive-level pricing.
In 2016, PBGH renewed its contract with CVS/caremark as the exclusive provider of pharmacy benefit management (PBM) services for PBGH’s employer-members from across the United States, including large populations in southwestern Pennsylvania and Texas.
“Today’s announcement is further testament to the value of PBGH membership for employers. These are real dollars that companies are saving simply by being a part of PBGH and being an engaged, active participant in joining with other employers to positively influence prescription drug management costs,” said Brooks.
PBGH is a coalition of 95-plus employer-members, representing more than 2.2 million lives, which combine their purchasing power and work closely with health care providers and administrators to create a health care delivery method that provides access to quality, cost-effective care for employees and their families.
For more information about the Prescription Drug Program, call Diane McClune at 724-775-1613 or visit www.pbghpa.org.
About the Pittsburgh Business Group on Health
Founded in 1981, the Pittsburgh Business Group on Health (PBGH) is a non-profit organization and is the region’s leading employer-led health care coalition. PBGH promotes health care and benefits strategies through education, collaboration and innovation among members and the community to deliver value and quality for organizations and their employees.