Why Your Employees Are Overpaying for Prescriptions—And How Pharmacy Navigation Tools Can Fix It
Ferrin Williams, PharmD, MBA, Chief Pharmacy Officer at Scripta Insights, reveals how pharmacy care navigation tools can help employees save thousands on prescriptions while working within existing PBM systems.
Vinny and Ferrin discuss pharmacy benefit managers (PBMs), comparison shopping tools for prescription medications, and how employers can optimize their pharmacy benefits. Ferrin shares how Scripta partners with Mark Cuban's Cost Plus Drugs to help patients navigate prescription costs, highlighting the significant savings she personally experienced using the service. They explore the challenges of prescription drug pricing, including brand protection strategies and the impact of generic alternatives.
The conversation covers the role of PBMs in managing prescription drug costs, why physician prescribing practices often miss formulary gaps, the importance of pharmacy navigation tools, and emerging medication trends including GLP-1 drugs (now covered by 60% of self-funded employers for weight loss) and specialty medications. Ferrin emphasizes that navigation tools work alongside existing PBMs to help employees find better prices without disrupting current systems, potentially reducing costs and improving member satisfaction.
Disclaimer: This content is for educational purposes only. Please discuss your specific situation with your health benefits administrator or insurance provider for personalized guidance.
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