2018 started off full of high expectations for how health care costs and delivery would be revolutionized, but it ended up being a fairly unremarkable…
By David Henka|January 07, 2019 at 11:40 AM
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2018 started off full of high expectations for how health care costs and delivery would be revolutionized, but it ended up being a fairly unremarkable year. Among other things, we saw the federal government honing in on reducing pharmaceutical spending, from the White House proposing an elaborate drug pricing strategy to CMS unveiling new drug payment programs, and even pharmaceutical manufacturers promising to slow (or stop) price hikes. Yet, according to an analysis by Associated Press there were 96 drug price increases for every one price decrease from the start of 2018 through July. Furthermore, immediately after President Trump announced in July that pharmaceutical manufacturers would slash prices, the list prices of 395 drugs rose.
As brokers and their clients start planning for the coming year, one of the biggest areas that benefit managers and advisors will be targeting to rein in costs is pharmaceutical spend. Especially in light of 2018, many will rely less on health care policy and will instead take matters into their own hands to move the needle on annual pharma spend, which is the number one driver in health care costs. Now that the pre-holiday, end-of-year push is over, benefits departments around the country are using Q4 and Q1 to take a proactive look at their strategy and goals for the next few years.
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