More than half of companies that spend $5 million or more on pharmacy benefits each year budget for 6% to 10% annual increases, which is a potential hike of more than a half-million dollars a year. (Image: Shutterstock)
Employers often overlook pharmacy benefit costs when seeking ways to hold the line on expenses, a new survey finds. Scripta, a cloud-based health-care IT solution in Wellesley, Mass., surveyed 77 human resources professionals at self-insured companies in August.
"Our survey dug into how and why the decision-makers make changes to their pharmacy benefits plan design and what resources they use," said Eric Levin, CEO of Scripta. "The prescription drug market changes daily, and so do employee populations. To control costs, employers should constantly be reevaluating their plan design, yet our survey found that most are only making changes every two to five years. We were surprised to learn that most companies are not making changes because of COVID-19 this year."
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