SOURCE: Pharmacy Benefit Management Institute

Pharmacy Benefit Management Institute

February 24, 2012 10:00 ET

Pharmacy Benefit Management Institute Recognizes Innovation in Drug Benefit Industry

PLANO, TX--(Marketwire - Feb 24, 2012) - The Pharmacy Benefit Management Institute (PBMI) has awarded three Rx Benefit Innovation Awards to ClearScript, MedImpact Healthcare Systems, Inc. in collaboration with the Montana Association of Health Care Purchasers (MAHCP), and Whirlpool Corporation. The Awards were announced at PBMI's 17th Annual Drug Benefit Conference.

"This year's award winners adopted non-traditional and innovative approaches to pharmacy benefit management and delivered significant and credible savings for the plan sponsors involved," says Brenda Motheral, PhD, Executive Director of PBMI.

ClearScript
ClearScript is a "non-profit, health system based PBM" and is being recognized for its innovative PBM business model, which includes full pass-thru and a single MAC list for retail and mail, among other attributes. ClearScript has been able to save Fairview Health Services $11.17 per prescription over its previous PBM -- for a total of $2.6 million in annual cost savings. ClearScript's book of business generic fill rate was 80.4% in 2011.

MedImpact Healthcare Systems, Inc. and the Montana Association of Health Care Purchasers (MAHCP)
MedImpact Healthcare Systems, Inc. and the Montana Association of Health Care Purchasers (MAHCP) are being recognized for their creative approach in implementing a value-based benefit design which includes an eight-tier formulary and member engagement strategies. The new program resulted in a $31 Per Member Per Month reduction in plan medication spend.

Whirlpool Corporation
Whirlpool Corporation is being recognized for its implementation of a five-tier pharmacy benefit design, combined with a robust member education program. Whirlpool experienced a 6.2% point increase in their generic fill rate, and the cost of the pharmacy benefit decreased by $2.50 per adjusted prescription from 2009 to 2010 after implementing the five-tier design.

"Our last two award winners had the foresight to implement comprehensive member education strategies that ensured the success of these programs and provides a roadmap for other plan sponsors looking to implement effective value-based designs," says Brenda Motheral.

About The Pharmacy Benefit Management Institute (PBMI)
PBMI provides research and continuing education to help health care purchasers work effectively with pharmacy benefit managers and other industry professionals to improve pharmacy benefit programs and control costs. Read case studies on award winners at www.pbmi.com.

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