Employers tackle spiraling prescription benefit costs — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Employers tackle spiraling prescription benefit costs

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in Compensation and Benefits,Human Resources

Employers are working hard to rein in prescription drug spending, according to new research by Towers Watson. Reason: Expensive new specialty drugs—especially treatments for hepatitis C and cancer—are driving overall health care costs much higher.

Prescription benefits represent about 20% of employer-sponsored medical benefits costs, but account for roughly half of medical cost inflation.

More than half of employers have added new restrictions for specialty prescription benefits, such as requiring prior authorization or limiting quantities based on clinical evidence.

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