The Outlook on Controlling Biotech Drug Spending

• Published in: Benefits & Compensation Digest Vol. 45; no. 3; p. 32
• Main Author: Wentworth, Timothy C
• Format: Trade Publication Article
• Language: English
• Published: Brookfield International Foundation of Employee Benefit Plans 01-03-2008
• Subjects: Biotechnology; Cost control; Drugs; Employee benefits; Guidelines; Pharmaceuticals; Pharmacy; Specialty products; United States > US
• ISSN: 2157-6157; 2157-6165

The next five years of specialty pharmacy promise innovations that will benefit patients with complex, chronic and rare conditions, as scientific discoveries lead to more drugs that improve clinical outcomes arid the quality of life. However, specialty medications are extremely expensive with the cost of treatment ranging from about $6,000 to more than $250,000 annually. A comprehensive approach to managing specialty pharmacy from plan design to the practice of tracking outcomes can help health plan sponsors get the most value from their spending. Patients using specialty drugs should get their care from the most clinically appropriate and cost-effective distribution and management channel. Health plans need to make sure specialty drugs are not wasted. On the other hand, specialty pharmacies address the patient support side of care by educating patients on how to administer the drugs and by counseling them through any potential side effects associated with treatments.