Magellan Rx Management’s Second Annual Employer Market Insights Report Highlights Market Dynamics & Opportunities for Tradi...
May 20 2019 - 06:30AM
Business Wire
Unique report provides current and
forward-looking pharmacy trends and cost management strategies for
2020 and beyond
Magellan Rx Management, the pharmacy benefit management (PBM)
division of Magellan Health, Inc. (NASDAQ:MGLN) today released its
second Employer Market Insights Report, which highlights key areas
of pharmacy trend and spend. The report also provides exclusive
drug forecasts and management strategies to help employers address
and solve for challenges and capture opportunities that exist in
the marketplace across both the pharmacy and medical benefits,
while promoting improved health outcomes for members.
“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
Matthew Mertel, general manager, employer market, Magellan Rx
Management.
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 Karim Prasla, vice president of clinical outcomes,
advanced analytics, and research for Magellan Rx Management. “MRx
Predict, our new advanced analytics solution, can help employers
proactively identify patients at risk of experiencing adverse
events, including non-adherence to medications and misuse of opioid
therapies. Importantly as well, it forecasts drug-cost drivers for
customers so they can better plan for future drug expenditures and
identify top therapeutic conditions and drugs.”
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/20190520005221/en/
Media: Lilly Ackley, ackleyl@magellanhealth.com, (860)
507-1923Investors: Joe Bogdan, jbogdan@magellanhealth.com,
(860) 507-1910
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