News Release Details
Unique report provides current and forward-looking pharmacy trends and cost management strategies for 2020 and beyond
“This year, the FDA’s record-breaking number of approvals for new
molecular entities (NMEs) present new opportunities for patient care but
also bring cost challenges for employers. The report looks forward to
2020 and beyond to assist employers with management strategies across
both the pharmacy and medical benefits,” said
The report analyzes current and forecasted cost trends through a comprehensive focus on both traditional and specialty drugs on the pharmacy benefit. Forecasting data focuses on changes in traditional and specialty drugs in the near future while identifying the key factors driving costs and future cost trends. Key highlights from the Employer Market Insights Report:
- The number of specialty drugs and total specialty costs have grown exponentially — 166 percent and 220 percent, respectively, over the past 10 years. They are forecasted to increase another 22 percent and 51 percent, respectively, by 2021.
- Insights into the cost burden for both plan sponsors and members show much of the cost burden falls on plan sponsors; however, member out-of-pocket (OOP) costs are considerably higher for specialty drugs versus traditional.
- Autoimmune in specialty pharmacy and migraine in traditional pharmacy are the key conditions to watch over the next three to five years. Two new agents in autoimmune will account for six percent growth in the category leading autoimmune to account for 15 percent-plus of total specialty costs. While groundbreaking therapies in migraine will contribute to traditional growth.
“These insights, combined with critical forecasting data, will have a
meaningful impact on the ability of employers to effectively manage
costs while promoting improved health outcomes for plan members,” said
About Magellan Rx Management:Magellan
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190520005221/en/
Source: Magellan Rx Management
Media: Lilly Ackley, ackleyl@magellanhealth.com,
(860) 507-1923
Investors: Joe Bogdan, jbogdan@magellanhealth.com,(860) 507-1910