The Problem
What problem does ImpaxRX™ solve?
One of the fastest growing components of health care costs.
Prescription medication benefits, and in particular, specialty medications that are increasingly prescribed by doctors. Specialty medications are high-cost prescription medications used to treat complex chronic conditions like cancer, rheumatoid arthritis and multiple sclerosis. Specialty medications represent only 1% to 3% of prescriptions written by doctors but they account for 35% to 40% of all pharmacy spending.
And the expense is only growing
- Specialty medications cost on average $104,000 annually.
- There are now 2,300 medications in development for approval by the FDA of which 2,000 are specialty medications.
- More than 50% of Americans take at least 1 prescription daily with 1 in 5 taking four or more prescription medications regularly, according to the Kaiser Family Foundation.
- US Drug spending was nearly $500 billion in 2018 and is projected to grow to $610 Billion by 2021.
What can companies do to control their spend?
Fully insured healthcare plans bundle medical and pharmacy benefits, there is no transparency with have hidden costs regarding the underlying elements that make up that cost. Employers have no idea which components of their plans are contributing the most to the rising expense.
In contrast, self-funded healthcare help employers better understand their underlying costs and potentially negotiate more favorable terms directly with the health care providers.