Employers report high satisfaction with drug savings PBMs get and the transparency they provide

(Washington, D.C.) — A new survey released today shows American employers are highly satisfied with their pharmacy benefit manager (PBM) relationship. The survey results found PBMs are exceeding employers’ expectations in key performance areas, including the amount of savings they get on prescription drugs and how much transparency PBMs are providing. Health care policy research firm, Healthsperien, conducted the survey of more than 1,000 employers in January. The firms surveyed range from 10 employees or fewer to employers with more than 5,000 employees.

Key findings from the Healthsperien survey of 1,035 employers include high satisfaction with:

• PBMs Lowering Drug Costs: 93% of employers are satisfied with the savings on prescription drugs that PBMs are generating.
• Transparency: 94% of employers are satisfied with the levels of transparency PBMs provide, and 95% are satisfied with their PBM’s ability to show specific data on their drug spending and their patients’ drug utilization information.
• Prescription Drug Coverage Options: More than nine in 10 employers are satisfied with the range of pharmacy benefit options for employers to choose from, including the formulary options and different employee cost-sharing models that PBMs are providing.

View the results of the survey HERE.

David Marin, President and CEO of PCMA, made the following statement:

“These findings are a reflection of an industry that has innovated and evolved to be highly responsive to the people it serves. PBMs have made fundamental changes in recent years to be more transparent and to align incentives to drive lower drug spending. As a result, from transparency to lower drug costs to coverage options, America’s employers are overwhelmingly happy with their PBMs today.

“Employers are on the front lines of the health care affordability challenge, and PBMs are fighting for them. Employers don’t have to hire PBMs. They do because drug list prices are often outrageous, and PBMs are highly effective at lowering drug costs. PBMs are also consistently offering employers new programs that help lower patient out-of-pocket costs, promote drug safety, and allow new coverage options.

“As drugmakers launch products at astronomical prices and game the system to block generics, the work PBMs do has never been more important. Congress recently passed new mandates on employers and PBMs. Now it is time to look at the ways Big Pharma is abusing the patent system and to explore others in the supply chain who benefit when prices are high. In the meantime, PBMs will continue to serve employers and earn their trust.”