Double digit drug price increases exceeding the rate of inflation have become the norm. According to the OneRx National Drug Index released earlier this year, in 2015 the cost of branded drugs was up by 14.77%; specialty drug prices jumped 9.21% and even generic drugs cost 2.93% more than the previous year.
However, pharmacy benefit managers are negotiating with suppliers and developing other strategies to help employers deliver more affordable drug benefits. EBA talked to Steve Miller, chief medical officer at Express Scripts to discuss the key drivers of growing drug costs and how the PBM is helping employers manage the escalating price of pharmaceuticals.
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