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HR Challenges in the Pharmaceutical Industries

Vantage Circle

All of which will imply how the pharmaceutical industry is likely to conduct its business in the near future. With the constant layoffs, corporate mergers and acquisitions in the pharmaceutical market, and rise in the compensation standards, many businesses have also adopted an outsourcing business model. Development in Technology.

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3 Ways to Strengthen Cost Management for Pharmaceutical Benefits

Griffin Benefits

Here are three ways to manage the cost of pharmaceutical benefits. 3) Alternate funding strategies : For certain specialty medications, manufacturers may offer patient assistance programs. Some PBMs won’t support this type of strategy, as they don’t want to lose the revenue associated with dispensing medication.

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Report: Group Health Plan Cost Inflation to Pick Up Steam

InterWest Insurance Services

in 2024, as inflation starts hitting the cost of delivering care as well as pharmaceuticals. Many will require specialized medical care, extensive rehabilitation, advanced medical equipment and potential vehicle and home modifications. However, some pharmaceuticals cost much more. The cost hike is almost double the 4.5%

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Employers Wrestling with Covering Weight-Loss Drugs

InterWest Insurance Services

These groundbreaking drugs — the most popular sold under the brand names Mounjaro, Ozempic and Wegovy — are partly to blame for overall pharmaceutical benefit costs jumping 8.3% People who take these medications can see dramatic weight loss, which has spurred a surge in prescriptions. in 2023, compared to an increase of 6.4%

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Spread the Word About Additional HSA Contributions

InterWest Insurance Services

HSAs allow your employees to put away funds to pay for future medical expenses. Funds in HSAs can be used to pay for a myriad of out-of-pocket medical-related expenses, pharmaceuticals and medical devices. Withdrawals to reimburse for these expenses are also not taxed. Not everyone is eligible to participate in an HSA.

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New Approaches to Managing Health Care Costs, Improving Outcomes

InterWest Insurance Services

” And as new and more expensive pharmaceuticals hit the market, the portion of overall health care costs that goes towards medications will continue to rise. One contributor to the increasing prices that your staff pay for their medication may be the pharmacy benefit manager that your insurer uses.

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8 Ways Employers and Employees Can Save On Prescription Medications

Griffin Benefits

While these higher deductibles are offset by cheaper monthly medical premiums and often by employer contributions to Health Savings Accounts (HSA), HDHP plans are nevertheless structured in such a way as to promote heightened "healthcare consumerism.". In a future post, we'll offer tips on how to save money on common medical procedures.

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