PBMI says employers' drug cost increase remains in single digits.
Employers' prescription drug cost increases remain in the singles digits, according to research findings from the Pharmacy Benefit Management Institute's (PBMI) 2007 Prescription Drug Benefit Cost and Plan Design Report. The report was expanded to capture newer metrics on per-member, per-month cost and utilization in addition to trending information on drug benefit plan design. In addition, PBMI reinstated tracking of utilization management tools. "Employers are effectively using many tools to control their drug costs, including multitiered formularies, innovative cost sharing, generic dispensing incentives, negotiated pharmacy reimbursement, and a broad range of utilization management approaches," said Dana H. Felthouse, PBMI president. The report, supported by Takeda Pharmaceuticals, showed the average cost increase to employers at 6.9%, the lowest rate since PBMI began conducting the survey in 1995, according to Felthouse.