Strong Satisfaction with Cost Savings, Transparency, and Coverage Offerings All Benefit Patients
(Washington, D.C.) — Employers who provide drug coverage for their workers throughout the country report high satisfaction with how pharmacy benefit managers (PBMs) reduce drug costs, offer coverage options to fit their businesses, and provide transparency to show how and where their businesses fund prescription drug coverage, survey results show.
PCMA commissioned health care policy research firm Healthsperien to conduct the nationwide survey of 1,035 small and large employers.
Key findings from the survey – found here – include:
- Employers Are Confident Decision-Makers: 95% of employers feel confident in their ability to make decisions regarding prescription drug benefits correctly.
- PBMs Lower Drug Costs: 93% are satisfied with their PBM’s ability to lower drug costs by negotiating discounts from drug companies, and nearly 9 in 10 use rebates to lower out-of-pocket costs for patients.
- Pharmacy Options Earn High Marks: 94% are satisfied with their PBMs’ network of easily accessible pharmacies. 91% are pleased with specialty pharmacy services for patients with chronic and complex conditions.
- Data and Transparency Empower Employers: 95% are satisfied with their PBM’s ability to provide detailed data on drug spending and utilization. 94% are satisfied with the level of transparency provided by their PBM.
- Coverage Options Meet Workforce Needs: 92% are satisfied with the range of options available for how employees cover their share of prescription drug costs. 91% are satisfied with the variety of formulary options offered and 89% with the flexibility to modify formularies to meet their diverse patient needs.
Reacting to the survey, David Marin, President and CEO of PCMA, made the following statement:
“Employers, both large and small, are getting their money’s worth from the PBMs they hire to hold down costs and serve the prescription drug needs of their workers. Health care costs are a serious challenge for employers and patients alike, but there are partnerships that are working to promote affordability and ensure patients have access to the medicines they need. The results of this survey reveal that the relationship between PBMs and employers is serving these patients well.
“Let’s break through the inside-the-Beltway rhetoric and look at what’s really happening. The story is about employers and PBMs creating affordable drug coverage for patients, and PBMs being transparent with their employer clients.”
Read the full findings of the report HERE.
