Magellan Rx Medical Pharmacy Solution Impact: 90% of New Authorizations for Oncology Biosimilars
February 01 2021 - 6:30AM
Business Wire
- Health plans are making the switch to lower-cost biosimilars
while maintaining high-quality of care for members
- Program success based on proactive, high-touch engagement with
provider community, as measured by new-start prior authorizations
of oncology biosimilar compared to reference product
- Additional savings and market share shift success to be
announced in Q1 2021
Magellan Rx Management, a division of Magellan Health, Inc.
(NASDAQ: MGLN), today released preliminary results from its
oncology biosimilar medical pharmacy solution that targets
new-to-market oncology therapeutic biosimilars. These results
further demonstrate Magellan Rx Management’s innovative
capabilities and expertise in the specialty drug market. As of May
2020, health plan customers who were quick to partner with Magellan
Rx have achieved a 90% rate for authorization for the first two
therapies with biosimilar availability. In early 2019, Magellan Rx
developed a management program designed to prepare customers,
members, and providers for the market entry of oncology biosimilars
ahead of their availability in July 2019. Since then, ten oncology
biosimilar agents have launched in the United States.
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Magellan Rx Management (Graphic: Business
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“These results, less than one year after implementation,
highlight Magellan Rx’s passion and commitment to developing
forward-thinking, industry-leading solutions to manage one of the
most complex and evolving areas of healthcare—medical pharmacy drug
spend,” said Steve Cutts, PharmD, senior vice president and general
manager, specialty, Magellan Rx Management. “Given our 17-year
history in medical benefit management, combined with innovative
comprehensive oncology solutions and our prior success in advancing
biosimilar utilization, we are uniquely qualified to support our
health plan customers to deliver true savings while maintaining or
expanding member access to clinically-effective, lower-cost
treatments.”
Health plan customers implemented this program throughout the
fall and winter of 2019, shortly after the July 2019 arrival of
oncology biosimilars on the market, with several more opting into
this innovative program through early 2020. The 90% rate is
measured by the number of authorizations approved for the
biosimilars compared to the reference brands. Due to the cost
differential between oncology biosimilars and their reference
brands, savings are expected to be at least 15%,1 but could be
greater depending on plan benefit design and other factors. As
oncology and oncology support drugs continue to be the largest
driver of specialty pharmacy spend on the medical benefit—43% of
total medical drug spend for both the Commercial and Medicaid
populations and 55% in Medicare2—and given the billions of dollars
that are spent on these treatments, significant additional savings
are anticipated with full results expected in early 2021.
To learn more about how Magellan Rx Management’s solution can
increase the use of less-expensive biosimilars, view this poster
that was presented at the Academy of Managed Care Pharmacy Annual
Spring Conference in April 2020. For more information on the
oncology biosimilar landscape, watch this webisode of MRx Events @
Home featuring one of our in-house specialty experts, Rebecca
Borgert, PharmD, BCOP, senior director, clinical strategy and
programs.
- Amgen Inc. (2019) Amgen And Allergan's MVASI™
(bevacizumab-awwb) And KANJINTI™ (trastuzumab-anns) Now Available
In The United States [Press release]. 18 July. Available at:
https://www.amgen.com/media/news-releases/2019/07/amgen-and-allergans-mvasi-bevacizumabawwb-and-kanjinti-trastuzumabanns-now-available-in-the-united-states/
(Accessed: 26 August 2020).
- 2019 Magellan Rx Management Medical Pharmacy Trend Report™,
©2020.
About Magellan Rx Management: Magellan Rx Management, a
division of Magellan Health, Inc., is a next-generation pharmacy
organization that is delivering meaningful solutions to the people
we serve. As pioneers in specialty drug management, industry
leaders in Medicaid pharmacy programs and disruptors in pharmacy
benefit management, we partner with our customers and members to
deliver a best-in-class healthcare experience.
About Magellan Health: Magellan Health, Inc. 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/20210201005224/en/
Media Contact: Lilly Ackley, ackleyl@magellanhealth.com,
(860) 507-1923 Investor Contact: Darren Lehrich,
lehrichd@magellanhealth.com, (860) 507-1814
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