Tap into the power of reference-based pricing for recession-ready pharma benefits

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.