The high cost of specialty drugs to treat inflammatory disorders, cancer, multiple sclerosis, and other serious illnesses continues to be a critical issue for plan sponsors. To properly control spend, you have to understand its causes—and know how to identify opportunities for reducing cost. Our second annual State of Specialty Spend and Trend Report provides an analysis of the most important trends driving specialty spend, gives you why behind the numbers, and offers data-based strategies for saving money on these high-cost specialty drugs.
The report is based on an analysis of 110 million pharmacy and medical claims across the Artemetrx book of business. Key findings include:
PSG leverages a combination of market and clinical expertise powered by technology through our Artemetrx Specialty Monitor™. This software tool uses over 1,000 unique clinical and financial rules to identify potential waste of specialty drugs and offers insight into the complete specialty spend.
With Specialty Monitor, we identified an average savings potential of $114.01 per member per year (PMPY), or 16.5% of specialty drug costs. The savings opportunities include these four categories:
Specialty drug spend is increasing, a trend that must be managed so plan sponsors can offer optimal care to patients at a reasonable cost. To be successful, you must look at the data to identify scenarios that are driving unnecessary dollars. Your pharmaceutical consultant can help. Get a complete analysis of and insights into the specialty market by downloading the 2018 State of Specialty Spend and Trend Report today.