PHILADELPHIA, Oct. 2 (UPI) -- U.S. insurer Independence Blue Cross said Monday it has a new pharmacy benefits management firm to run its prescription-drug benefit.
The company said a sweeping overhaul to its Part D prescription-drug benefit includes a partnership with pharmacy benefits management company FutureScripts, which it said will "help employers manage rising prescription drug costs without sacrificing quality coverage." The company said the move would save its group customers $100 million over the next five years.
Under the deal, FutureScripts will negotiate drug pricing and develop rates for generics directly with its more than 56,000 network retail pharmacies, negotiate directly with drug companies for brand-drug discounts, and "encourage" the appropriate use of generics and cost-effective brand drugs, Independence Blue Cross said.
"We listened to our customers' concern about ever increasing pharmacy costs -- more than 22 cents of each healthcare dollar spent in our market pays for prescription drugs," said Joseph Frick, chief executive officer and president of Independence Blue Cross. "We responded by dramatically changing our prescription drug program to hold down pharmacy expenses and still provide broad coverage."
To promote the changes, the insurer said it would offer enhanced reporting for employers to explain what's driving their pharmacy expenses and how to provide quality coverage while containing costs.
