SCOTTSDALE, AZ--(Marketwire - February 17, 2011) - The Pharmacy Benefit Management Institute (PBMI) has awarded four 2011 Rx Benefit Innovation Awards to the Center for Health Value Innovation, Cigna Pharmacy Management, CVS Caremark / Arcelor Mittal, and InformedRx, an SXC company. The awards were announced today at PBMI's 16th Annual Drug Benefit Conference in Phoenix.
The recipients of this year's awards were selected based on the project's overall originality, strength of reported results, and potential to improve patient outcomes. "Our 2011 award recipients have demonstrated creative thinking by designing solutions to address numerous challenges in prescription drug programs," says Tim Watson, PharmD, MBA, Executive Director of PBMI. "Their example will inspire other plan sponsors to implement one or more of these approaches in their own populations."
Center for Health Value Innovation
The Center for Health Value Innovation is being recognized for their pioneering work in the design, implementation and measurement of Value Based Insurance Designs. The center's co-founder and Chief Medical Officer, Jack Mahoney led the charge behind Value Based Design with a firm resolve to prove that lowering access barriers to health care services could ultimately engage the most at risk populations, thereby improving care and lowering costs. The center's work to measure and disseminate outcomes associated with these design strategies continues to provide guidance to others who wish to implement these programs in their population.
Cigna Pharmacy Management
Cigna Pharmacy Management is being recognized for their creative approach to contracting for pharmaceuticals that is based on achievement of specific therapeutic outcomes. In 2009, Cigna Pharmacy Management and Merck & Co., Inc. entered into the pharmacy benefit management industry's first national outcomes based contract between a PBM and a pharmaceutical firm. A year after the contract was implemented, results showed that there was improved blood sugar control and blood sugar testing during the study. The company stated that "estimated savings for individuals and employers could be almost $8,000 per person who has diabetes per year when that individual increases adherence to over 80%."
CVS Caremark / ArcelorMittal
CVS Caremark / ArcelorMittal are being recognized for their efforts to improve the treatment of diabetes in the steel company's population. More than half of people diagnosed with a chronic disease, including diabetes, are either non-adherent to the prescribed medication or have a gap in care. The program designed and implemented by the companies sought to improve medication adherence in diabetics by engaging pharmacists who are expertly trained in medication therapy management principals. The program included both telephonic counseling, and face-to-face interventions, according to the patient's preference. After six months, the program demonstrated significant improvements in closing gaps in care and increasing medication adherence compared to a control group. In addition, the program results demonstrated health care savings of nearly $1,700 annually for patients with diabetes.
InformedRx, an SXC company
InformedRx is being recognized for their efforts to minimize inappropriate prescribing of controlled substances. Use of multiple narcotics can have adverse effects on both members and plan sponsors, including: compromised patient safety, risk of addiction and diminished quality of life, risk of on the job injuries and wasting scarce health plan resources. InformedRx designed a program of pharmacist review and intervention in which targeted interventions were sent to physicians with the goal of improving prescribing patterns for this important class of medications. The program demonstrated strong results, including: 58% fewer narcotic prescriptions written, 57% fewer prescribers writing narcotic prescriptions, and an average savings per case of $105.16.
About The Pharmacy Benefit Management Institute (PBMI)
PBMI provides research and continuing education to help health care purchasers work effectively with pharmacy benefit managers and other industry professionals to improve pharmacy benefit programs and control costs. Read case studies on award winners at www.pbmi.com.
Contact Information:
Contact:
Tim Watson
480-730-0814
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