Reigning In Out of Control Drug Costs | PBM Reform Podcast

Our special guest Wendy Barnes, CEO of RxBenefits and Mark Campbell, the VP of RxBenefits. 

From BenefitsPro:
https://www.benefitspro.com/2023/03/27/how-dispelling-mistrust-of-generics-will-help-patients-and-plan-sponsors/?slreturn=20240222125659 

Health care spending in the United States has increased substantially the past few years, and it isn't likely to slow down any time soon. At this rate, national health care costs could reach $6.2 trillion by 2028. A number of factors, including the cost of medical supplies and drugs, contribute to those rising numbers. The financial pinch many people were already feeling has been intensified by the unsteady economy, leading consumers to call for lowered health plan costs whenever and wherever possible. Some believe reducing prescription drug spending is an easy way to do that. But consumers still deserve access to the medications they need at prices they can afford. 

Generic medications: A solution to potential challenges

Using generic medications in place of high-priced, brand-name drugs offers the same clinical benefits, and it can save patients and health plan providers significant money in the long run. It's a convenient, simple way to reduce costs while making sure patients have continued access to the treatments and medicines they've been prescribed. But while generics are an obvious answer to many challenges facing the industry, they aren't embraced nearly as often as they should be. According to U.S. Pharmacist, "While generic drugs are extensively prescribed … t some consumers are still hesitant about using generic drugs and believe that they are not as safe or effective as brand-name drugs."

Consumers have a variety of reasons for their misgivings, but the skepticism is unwarranted. Many health plan administrators and pharmacy benefit optimizers are working to dispel the myths that can rob consumers of significant savings.