No images? Click here FOR IMMEDIATE RELEASE THURSDAY, JUNE 15, 2023 CONTACT: Beth Miller/Paige Haskin 916.551.1383 IN CASE YOU MISSED ITBANK OF AMERICA SURVEY CONFIRMS PHARMACY BENEFIT MARKET IS COMPETITIVE, TRANSPARENT AND DELIVERS VALUE FOR EMPLOYERSSACRAMENTO, CA – The California Alliance for Prescription Affordability (CAPA) is bringing attention to a recent survey conducted by Bank of America (BofA) that highlights the competitive nature of the pharmacy benefit marketplace, confirms the transparency between employers and pharmacy benefit companies, and emphasizes the value these companies deliver to employers. The BofA survey involved 50 directors/managers who are responsible for employer-sponsored health insurance coverage, representing companies with at least 1,000 lives under coverage and a minimum of $1 million in drug spending. Survey results show that more than three-quarters of employers describe their relationship with their pharmacy benefit company as transparent. Pharmacy benefit companies collaborate with employers to establish transparency requirements that are formally documented in their contracts. The survey also sheds light on the highly competitive nature of the pharmacy benefit company marketplace. More than one-third of the respondents reported switching their pharmacy benefit company within the last five years. This indicates that employers have access to a wide array of choices, with 73 full-service pharmacy benefit companies available, enabling them to select the provider that best suits their needs. Pharmacy benefit companies play a critical role in reducing prescription drug costs for employers. The survey reveals that employers experienced an average increase of only 2.7 percent in drug spending in 2022, significantly lower than the 8.3 percent general inflation rate and the 4.7 percent increase reported in the previous year's survey. Industry research indicates that pharmacy benefit companies save patients and payers an average of $1,040 per patient per year. The BofA survey contributes to a growing body of evidence supporting the positive impact of pharmacy benefit companies in lowering prescription drug costs. It highlights the fact that employers have choices when selecting a pharmacy benefit manager (PBM) and the flexibility to collaborate with the PBM to determine the most suitable model for their specific health care coverage needs. PBMs provide crucial choice, transparency, and value, particularly for small businesses facing numerous operating challenges in California. CAPA is a leading advocate for affordable prescription medications, striving to ensure accessible health care options for patients and employers throughout California. ### About CAPA The California Alliance for Prescription Affordability (CAPA) is a coalition of healthcare organizations, advocacy groups, small businesses, and concerned citizens dedicated to increasing access to affordable medication for patients and employers in California. The alliance advocates for policies that combat the ever-increasing price of prescription drugs. For more information, visit CA4PA.com or email info@CA4PA.com. |