The Pharmacy Benefit Management Institute on Tuesday presented Prime Therapeutics with the 2015 Rx Benefit Innovation Award.
The award is presented during its annual drug benefit conference to organizations that display innovative management approaches to address drug benefit challenges. Prime was recognized for its development of a specialty drug watch list that was first used with the introduction of two new drugs released in 2013 to treat the hepatitis C virus.
The specialty drug watch list provides clients with clinical intelligence for actionable assessment around current drug launches. In 2014, it helped Prime clients take comprehensive management steps that resulted in a 38 percent decrease of hepatitis C virus drugs in 2014.
Prime bettered its operational readiness through the implementation of Off-Cycle Pharmacy and Therapeutics Committee Meetings that expedite reviews of the safety and efficacy of drugs; evaluate new products while working with manufacturers to influence discounts; and create a fast-path process to enable utilization management and approvals by plans before drug launch.
The innovation also offers a revised trend impact estimator that anticipates a drug’s per-member, per-month impact on medical and pharmacy benefits through data analysis. Prime also implemented a comprehensive communication programs and strategies to help eligible members afford medications.