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Premera Celebrates Rising Generic Drug Usage; Offers Cutting-Edge Tool to Drive Further Cost Savings
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| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | 1042 |
Members Business Editors/Health/Medical Writers
MOUNTLAKE TERRACE, Wash.--(BUSINESS WIRE)--Aug. 22, 2007--Noting that "generic education about the value of generic drugs has run its course," Premera Blue Cross announced today it is taking the next step -- offering personalized, actionable information that shows members how they could save an average of $350 per year in drug costs with the click of a mouse(1).
The battle against the rising cost of health care is being fought on many fronts in the United States. One area of significant success in recent years is the growing use of generic versions of more expensive brand-name medications. Nationally, the percentage of Americans filling prescriptions with generic medications has risen 11 percentage points to 58 percent since 2003.
Premera members continue to reap the benefits of the company's innovation and leadership in Pharmacy coverage.
In 2003, when Premera introduced "Generics Yes!" -- an educational program designed to teach members about their pharmacy options -- 47 percent of prescriptions filled by Premera members were generic. Since then, the rate has risen to an industry-leading 62.5 percent. This rate is expected to continue climbing with generic versions of blockbuster medications like Ambien, Norvasc and Toprol-XL becoming available in 2007.
"The earlier public fear that generic drugs were somehow inferior has largely been overcome," says Ed Wong, Premera's vice president of pharmacy. "It is time to declare victory in our efforts to educate people about the advantages of generic drugs."
"Premera members have recognized the savings opportunities of generics for a number of years," Wong continued. "We have seen an increasingly sophisticated pharmacy consumer as the awareness level has grown."
The savings opportunity for someone choosing a generic medication can be significant. The average one month supply of a generic medication is $27 while a comparable brand-name drug would cost $118. For Premera, every 1 percent increase in generic fill rate reduces the total cost of prescription medications by 1.4 percent.
Wong believes consumers are now primed to take the next step. "The old barrier was education. The new barrier is convenience. Future savings will rely on personalized, web-based information and tools to identify new opportunities in the increasingly complex pharmacy landscape. For Premera members, that future is now thanks to My Rx Choices."
My Rx Choices(R) -- an online tool available exclusively from Medco Health Solutions, Inc. (NYSE:MHS) -- offers members personalized options to help them reduce their prescription drug costs. Available through Premera's websites, the My Rx Choices prescription savings program provides members with a simple, personalized menu of medication choices of available lowest-cost alternatives to their current medication, including generics and preferred brand-name drugs, based upon their plan's drug benefit coverage.
"The rate at which today's health-care costs are rising is unsustainable," said Gubby Barlow, CEO of Premera Blue Cross. "However, the trend toward increased use of lower-cost generic medications demonstrates that solutions are within reach. Continued industry focus on education and supportive consumer resources are critical to delivering care that isn't just effective, but also cost-effective."
Research shows that members benefit from an additional level of support in analyzing their health-care options. According to a Medco study evaluating an early version of My Rx Choices, members are 58 percent more likely to switch to a more cost-effective medication when using the tool.
My Rx Choices is also the first drug-price comparison tool that integrates Consumer Reports Best Buy Drugs(TM) information, enabling members to review medicines for safety, effectiveness and price based on scientific evidence validated by the independent research of Consumer Reports, not drug industry marketing.
Acting on the options presented by My Rx Choices is as simple as click and print. Medco can contact the prescribing provider directly for some prescriptions. For others, a simple conversation with the provider can be all it takes to make a change. The program is voluntary and the decision to switch is always left to the member and provider. No changes are ever made without a provider's approval.
About Premera Blue Cross
Our mission is to provide peace of mind to our members about their health-care coverage. We provide health-care coverage and related services to more than 1.3 million people. Premera Blue Cross has operated in Washington since 1933, and Alaska since 1952. Premera Blue Cross is an independent licensee of the Blue Cross Blue Shield Association.
Premera Blue Cross is a member of a family of companies based in Mountlake Terrace, Washington, that provide health, life, vision, dental, and long-term care insurance, and other related services. In the J.D. Power 2007 National Health Insurance Plan Satisfaction Study, Premera Blue Cross ranked highest among health plans (regional and national companies) serving the western U.S. This year was the first time J.D. Power surveyed consumers about health plans.
Consumer Reports Best Buy Drugs(TM) is an independently funded public education project of Consumers Union, the non-profit publisher of Consumer Reports(R) Magazine, and is not connected with Medco Health Solutions, Inc. or any of its clients such as Premera. Consumers Union makes the information available to Medco Health Solutions, Inc. on a non-exclusive basis in a manner designed to provide consumers with unbiased prescription drug information. In line with Consumers Union's no commercial use policy, there is no financial arrangement between Medco Health Solutions, Inc. and Consumers Union. The information contained in the Consumer Reports Best Buy Drugs(TM) Reports is for general information purposes only and is not intended to take the place of a physician or other health-care professionals.
(1)Average annual savings calculations are projected from a pilot study of more than 1 million savings opportunities. Savings amounts may vary based on drug prices, prescription benefit plans in effect at the time of the savings calculations, applicable law or pharmacist's judgment. Sales tax, where applicable, is not included. Only our best savings alternatives are shown. All the drug alternatives shown may not meet with your doctor's approval and not all have been reviewed by Medco's independent Pharmacy and Therapeutics Committee. Medco can earn rebates on some drugs which may be shared with plan sponsors. No prescription change is made without a doctor's authorization.
CONTACT: Premera Blue Cross Media Relations Manager Mark W. Stuart, 425-918-3297 Cell: 425-931-7379 or Communications Director Scott Forslund, 425-918-5070 Cell: 425-280-1653
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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