Pharmacy Benefits: Getting to the Right Price

Categories: Alliance News, Featured

Pharmacy Benefits: Getting to the Right Price

In an effort to lift the veil of secrecy on pharmacy spending, the Washington Health Alliance hosted a forum in May that helped shed light on where millions of healthcare dollars are going.

The forum offered a unique opportunity to gain previously unknown insights into spread pricing, a practice where the difference between the list price of a drug and the amount a pharmacy benefits manager (PBM) reimburses the pharmacy can be substantial.

Antonio Ciaccia, president of 3 Axis Advisors and CEO of 46Brooklyn Research, presented some groundbreaking findings on pharmacy drug pricing and reimbursement in Washington state.

Read the full report. 

“We found employers consistently getting charged more than pharmacies were being paid,” Ciaccia said.

Designed to empower employer plan sponsors, the forum offered practical strategies to become better fiduciaries of their pharmacy benefits. Attendees learned actionable steps they can take to ensure their employees are receiving the most value from their prescription drug coverage.

Real-world examples were also a highlight, with leaders from Costco and Mosaic Health Systems showcasing successful strategies for negotiating the right prices for prescription drugs.

This informative forum provided a much-needed step towards transparency in Washington’s prescription drug market. By equipping plan sponsors with knowledge and effective strategies, the forum empowered them to advocate for their employees and ensure they receive affordable access to the medications they need.

Watch highlights from the forum: