U.S. businesses continue to spend a monumental amount of capital on specialty drugs for their workforce. In fact, specialty drugs were estimated to represent about 50 percent of total Rx spend in 2020, with inflation of about 23 percent from the year before. Despite these prescriptions accounting for a majority of overall spend, specialty drugs only accounted for 2% of total prescriptions filled.
Luckily, there are a few ways to reduce the overall cost of specialty drugs. Patient assistance programs (PAP) are one of the top ways to achieve this. In this blog, we’ll cover this system in depth.
You Can’t Impact The Past: ↑ Advocacy + ↑ Quality = ↓ Cost
Thursday, May 20, 2021, 2:00 PM ET / 11 AM PT
Unlike most things, healthcare services have an inverse relationship between cost and quality: the better the quality, the lower the cost. Unfortunately, the current health benefits market is completely opaque and lacking any meaningful, realistic transparency. Additionally, we have always been taught that easy = better when designing health benefits programs for employers and their employees. However, the cost and quality of healthcare can vary dramatically within the same city. Utilization Management for example, where your members access healthcare, is one of the single most important additions to your health plan design.
What are Patient Assistance Programs?
Patience Assistance Programs are offered by select pharmaceutical companies, as well as certain state and non-profit entities. They are uniquely designed to lower the cost of expensive, yet vital drugs that improve the health of patients. Depending on the specific program and needs of the patient, these specialty drugs may potentially even be free.
How Do They Work?
The benefits of these Patient Assistance Programs vary widely between programs. There are also varying requirements and enrollment processes for these programs differ as well. Once a patient finds that he or she qualifies for a specific PAP, the procedure for applying will be listed on the organization’s website. Alternatively, you can call or email them for more information.
That’s all you need to know about applying for patient assistance programs. While not all patients will apply for every program, those who require specialty drugs will undoubtedly find one for them. When considering reducing Rx spend, patient assistance programs should be a number one priority.