Jan 6 2010
Expenditures on prescription drugs increased just 3.2 percent in 2008 –
the smallest annual rate of increase in 47 years – according to new data
released today by the Centers for Medicare and Medicaid Services (CMS).
This historic low in drug spending growth coincides with the expanding
use of cost-saving tools developed by pharmacy benefit managers (PBMs)
in private and public programs, the Pharmaceutical Care Management
Association (PCMA) said today.
“Health Care Spending at a Historic Low in 2008”
“PBMs have pioneered tools – including incentivizing the use of generic
medications, e-prescribing, and mail-service pharmacies – that improve
savings, access, and safety for consumers and payers. Since the key to
access is affordability, payers and policymakers alike should explore
broader use of PBMs’ cost-saving tools and reject approaches that make
prescription drugs more expensive,” said PCMA President and CEO Mark
Merritt.
The new prescription drug data are highlighted in an article in Health
Affairs, “Health Care Spending at a Historic Low in 2008,” and available
in depth from CMS. Key data points include:
-
Prescription drug expenditures increased 3.2 percent in 2008, the
slowest annual rate of increase in 47 years.
-
Overall health care spending increased 4.4 percent in 2008, a higher
rate of increase than prescription drugs.
-
Consumer out-of-pocket expenditures accounted for 21 percent of
prescription spending in 2008, down from 31 percent in 1998 and 60
percent in 1988.
http://www.pcmanet.org/