Employers are increasingly feeling the strain of the soaring costs of specialty drugs. According to the U.S. Department of Health and Human Services, spending on these drugs has more than doubled in the past five years – leading to billions of dollars spent each year.
However, with appropriate management and care, employers can still receive value while controlling the cost increase and taking care of their employees. Discover how you can lead the way in managing the cost of specialty Rx while effectively supporting your employees’ health.
What are Specialty Drugs?
Specialty drugs are certain medicines that may require special handling, storage or administration. They often target very specific conditions like cancer, rheumatoid arthritis, multiple sclerosis and hepatitis C. Specialty drugs are often more expensive than other medications and often have stricter requirements for insurance coverage.
Costs for Specialty Drugs are Rising Fast
The Centers for Medicare and Medicaid Services estimates that the U.S. spends over $100 billion on specialty drugs each year. According to the Commonwealth Fund, specialty Rx are responsible for about 17% of the average employer’s overall pharmacy costs. Plus, they project the cost of specialty Rx will increase by 21-24% annually over the next three years. And worst of all, it’s estimated that approximately 30% of employers don’t know how much they spend on specialty drugs overall.
That’s why it’s important to work with UltraBenefits to help reduce your pharmaceutical costs.
How UltraBenefits Can Help
UltraBenefits is a trusted third-party administrator (TPA) that’s uniquely-positioned to help employers save on the rising Rx costs. With our helpful employer solutions such as innovative reporting resources and cutting-edge technologies, we can manage your costs effectively and ensure appropriate care for employees. Our support ensures safe protection and leads to quick, effective savings for employers nationwide.
Manage Your Specialty Rx Costs Today
With appropriate management and care, employers can still receive value while controlling the rising costs and keeping their employees safe. Contact us to learn more!
