harma-based reference pricing is proven to reduce non-specialty drug spend by an average of 20 percent annually. (Photo: Shutterstock)

The U.S. economy has been on a continuous rise since the Great Recession of 2009, making this the longest growth period since 1854, according to Bloomberg. However, a growing number of experts fear it won't be long until this trend reverses. In fact, a recent survey by the National Association for Business Economics found that a majority of economists anticipate the next recession will hit within the next two years.

While no one can fully predict when another economic downturn will occur, benefit managers and the advisors they work with know they are responsible for keeping organizations prepared for changing economic tides whenever they come. Many benefits professionals are targeting pharmacy benefits first, as they are easiest to manage when dealing with geographically dispersed employees, and are using pharma-based reference pricing as a proven way to address rapidly rising drug costs.

Hone in on pharmacy benefits first

Forward-looking benefits professionals consistently pull different levers and implement different strategies to cut excessive programs and waste. Especially when dealing with a team that is spread out geographically, one of the big challenges benefits professionals face is managing the impact of the various hospitals and health systems the employees go to, as these provider organizations all have different economic microclimates that must be considered when looking at the benefits program holistically.