Magellan Rx Management Launches Oncology Biosimilar Medical Pharmacy Solution, Aims to Improve Member Access, Reduce Costs & ...
June 04 2019 - 6:30AM
Business Wire
Magellan Rx Management, the pharmacy benefit management (PBM)
division of Magellan Health, Inc. (NASDAQ: MGLN), today announced
the launch of a medical pharmacy solution targeting oncology
therapeutic biosimilars. In preparation for the expected 2019
market entry of oncology biosimilars, the solution aims to educate
customers, members and providers through the implementation of
individualized strategies that consider clinical, financial and
regulatory factors. This will ultimately result in maintaining or
expanding member access to clinically-effective treatments, while
having the added benefit of delivering significant drug spend
savings for participating customers.
As a leader in managing medical benefit oncology drug spend,
Magellan Rx has focused on advancing biosimilar utilization since
2015, empowering customers to turn biosimilar availability into
cost savings while maintaining clinical quality. Building on the
success of the Company’s recently announced medical pharmacy
program focused on biosimilar versions of a high-cost autoimmune
therapy, the expanded medical pharmacy solution is designed
specifically for oncology biosimilars and involves three key
components:
- Proactive Management: Assessing
and developing clinical protocols while educating and communicating
with network oncologists
- Medical Pharmacy Execution:
Leveraging Magellan Rx’s innovative oncology medical management
expertise by incorporating biosimilars into key utilization
management programs such as medical prior authorization and
provider reimbursement/fee schedule management
- Expert Opinion: Continuously
working to gain insights from our oncology advisory board and
Expert Clinical Network of key opinion leaders
“Magellan Rx is preparing our health plan customers for the
upcoming entrance of biosimilars to the oncology category and
helping them take advantage of cost savings, while ensuring
clinical efficacy and safety, as quickly as possible after the
launch of these products,” said Kristen Reimers, RPh, senior vice
president, specialty clinical solutions. “Our oncology biosimilar
initiative takes a multi-pronged approach, including the
establishment of plan-specific goals, robust provider education and
outreach, and partnership with our customers with the goal to
maximize potential savings, minimize disruption, and improve
outcomes for patients.”
Keeping Pace with the Pipeline
The U.S. Food and Drug Administration has reported that
biological products are the fastest-growing class of therapeutics.1
Entrance of oncology therapeutic biosimilars marks an increase in
competition that will have an impact on the landscape in this
category. According to the 2018 Magellan Rx Medical Pharmacy Trend
Report, oncology agents make up 34 percent of the total medical
pharmacy spend for commercial plans.2
The three oncology brands with expected biosimilar availability
in 2019 make up $9 billion in U.S. drug sales, and almost $50
million in annual drug spend per one million covered commercial
lives.2 Magellan Rx is projecting savings to be $5-$8 million per
one million covered lives, but there is potential for even greater
savings based on Magellan Rx’s past successes with biosimilars. The
opportunity is even more compelling for the Medicare population,
where spend for the same three drugs is almost double at over $90
million per one million covered lives.2
For more on forecast and trends in the oncology category, watch
our video here.
References:
- Biosimilar and interchangeable
products. Food and Drug Administration. 2018.
http://www.fda.gov/Drugs/DevelopmentApprovalProcess/HowDrugsareDevelopedandApproved/ApprovalApplications/TherapeuticBiologicApplications/Biosimilars/ucm580419.
Accessed 2019 Mar 21.
- 2018 Magellan Rx Management Medical
Pharmacy Trend ReportTM, ©2019.
About Magellan Rx Management: Magellan Rx Management, a
division of Magellan Health, Inc., is a full-service,
next-generation pharmacy benefit manager (PBM) that helps our
customers and members solve complex pharmacy challenges by
connecting them to the people, technology, and information they
need to make smarter healthcare decisions. As experts in managing
specialty spend both on the prescription and medical benefit, we
are energized by discovering new and better ways to deliver
solutions in today’s complex and rapidly-evolving healthcare
environment, leading people to live healthier, more vibrant
lives.
About Magellan Health: Magellan Health, Inc., a Fortune
500 company, is a leader in managing the fastest growing, most
complex areas of health, including special populations, complete
pharmacy benefits and other specialty areas of healthcare. Magellan
supports innovative ways of accessing better health through
technology, while remaining focused on the critical personal
relationships that are necessary to achieve a healthy, vibrant
life. Magellan's customers include health plans and other managed
care organizations, employers, labor unions, various military and
governmental agencies and third-party administrators. For more
information, visit MagellanHealth.com.
(MGLN-GEN)
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version on businesswire.com: https://www.businesswire.com/news/home/20190604005144/en/
Media Contact:Lilly Ackley, ackleyl@magellanhealth.com,
(860) 507-1923
Investor Contact:Joe Bogdan, jbogdan@magellanhealth.com,
(860) 507-1910
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