News
What to Know About the FDA's Recent Decision to Allow Florida to Import Prescription Drugs from Canada
On January 5, 2024, the FDA authorized the state of Florida to import certain prescription drugs from Canada, an approach designed to give Floridians access to lower drug prices paid by people in Canada. This announcement has received a great deal of attention because it is the first time the FDA has granted authority for a state to safely import prescription drugs from another country. KFF polling has consistently shown that high prescription drug costs are a concern for the American public, with strong bipartisan support for several proposals to make medications more affordable, including allowing the importation of drugs from Canada. However, Florida must now take additional steps before the FDA will allow any drugs to be imported, and could face other obstacles to implementation, meaning Floridians may not see the benefits of these efforts for some time to come.
RxResults and The Pharmacy Exchange Partner to Reduce Specialty Drug Costs
Little Rock, AR and Newtown Square, PA March 31, 2021 – RxResults and The Pharmacy Exchange announced today a partnership that enhances their respective cost saving solutions to further reduce prescription costs related to expensive specialty drugs. As indicated by The Drug Channels Institute in May, 2019, “PBMs now earn more than 50% of their profits from specialty drug dispensing activities,” and according to a recent PBMI report on specialty medications, “Specialty drug spend is now 50% of total drug spend and is forecasted to reach 60% by 2025.” RxResults and The Pharmacy Exchange are working together to change that.
RxResults reduces specialty drug costs by providing an independent, evidence-based specialty drug prior authorization service for both pharmacy and medical benefits. The independent nature of RxResults’ service eliminates the inherent conflict of interest associated with prescription benefit managers determining specialty drug coverage when they also own the specialty pharmacies dispensing the drugs, or when their drug coverage criteria is influenced by rebate revenue.
The Pharmacy Exchange’s Prescription Alternative Funding Programs offer a robust solution with exceptional reductions in specialty drug spend for both patients and self-insured employers. If approved, the patient bears no financial responsibility and the plan saves anywhere from 50% to 60% of what would be their current medication cost.
RxResults strategically sits in front of The Pharmacy Exchange Prescription Alternative Funding Program to ensure prescriptions meet the evidenced-based criteria and protocols for medical necessity. If approved for coverage, a seamless process is immediately initiated through The Pharmacy Exchange Prescription Assistance Program to get patients qualified for assistance.
“Escalating prescription costs driven by specialty drugs are a top concern of self-funded employers and health plans today,” said RxResults Interim CEO, Alan Gardner. “Benefiting from our new relationship with The Pharmacy Exchange, we are able to offer our customers a proven prescription assistance program that best matches their needs and provides significant savings on top of the savings produced by RxResults’ prescription benefit risk management solutions.”
“This new and exciting alliance between the Pharmacy Exchange and RxResults combines an unbiased, clinically sound prior authorization process with The Pharmacy Exchange’s specialty drug alternative funding programs to ensure that both the patient and the customer receive the appropriate medication at the very best price,” stated The Pharmacy Exchange CEO, Robert Fattori.
About RxResults
As the proven industry leader for evidence-based pharmacy risk management, RxResults is uniquely positioned to help plan sponsors mitigate risk, optimize plan performance, and generate savings. As a Pharmacy Risk Manager (PRM), RxResults does not replace a PBM. It enhances the PBM model and serves as an advocate for health plan sponsors and their participants. For more information, visit rxresults.com.
About Pharmacy Exchange
The Pharmacy Exchange is a full-service pharmacy and healthcare consulting firm providing unique and proven solutions to self-funded clients. The Pharmacy Exchange’s Prescription Claims Avoidance Programs concentrate specifically on high-cost specialty medications and can greatly reduce specialty drug spend without affecting outcomes and with very little disruption to members. Other consulting services include PBM related services, alternative and direct care, medical reference-based pricing, stop loss coverage and benefits consulting. For more information, visit pharmaex.org
CONTACT:
Mike Long – mlong@pharmaex.org – 267.481.1558
