NU Online News Service, June 18, 3:25 p.m.EDT

|

The wholesale price for generic drugs rose substantially lessthan for brand drugs, according to a report on medical spending forworkers' compensation claims.

|

Westerville, Ohio-based Progressive Medical Inc.released its 2010 Drug Spend Analysis today.

|

The report reveals changes in medication spending on workers'compensation claims from 2008 to 2009 for Progressive Medicalclients, as well as key factors that may influence futureexpenditures, such as price, utilization and product mixchanges.

|

Key highlights from the 2010 Drug Spend Analysis include:

|

o Average wholesale price inflation was 5.2 percent, whichcomprises an 8.1 percent increase for brand products and a 0.2percent increase for generics.

|

o While the number of days' supply dispensed per prescriptiondecreased by 1.5 percent, prescriptions per injured party increased4.2 percent.

|

o The net effect of increased use of generics overall from 2008to 2009 is a 2 percent reduction of total medication spending.

|

o Fourteen of the top 25 medications show a decrease in spendingper injured party from 2008 to 2009.

|

o Narcotic analgesic-acetaminophen combinations currentlyrepresent 20 percent of workers' compensation prescriptions withmore than 90 percent dispensed as generic.

|

"This analysis strongly highlights the value of puttingstrategies into place to control medication spending," said TronEmptage, executive vice president of Business Development. "Aneffective pharmacy benefit management program can help workers'compensation payers realize savings as much as 10-to-15 percent perclaim."

|

A copy of the 2010 Worker's Compensation Drug Spend Analysis isavailable at the company's website.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.