HR Academy Course #4:
Emerging Trends in Prescription Drug Plans
As prescription drug costs continue to outpace medical benefit trends, employers are taking a close look at the cost drivers of their pharmacy program. There are currently over 2,300 drugs in development; some of the medications that are being developed and released to the market are as complex as the diseases they treat. Unfortunately, these complex medications come with a high price tag. In the past 18 months, brand name drug prices have increased nearly 11%. From 2012 to 2016, spending for specialty medicine increased from $87.1 billion to $192.2 billion. The spending is projected to increase to $401.7 billion and exceed 50% of total prescription drug spending by 2020. What strategies does your organization have in place to account for these trends?At this seminar, Human Resources and Financial Leaders will learn:
- Prescription drug costs and trends
- Employer initiatives to mitigate increases
- Strategies used in carving out prescription drug benefits
- Federal government activities to control escalating costs
Principal Emeritus, Marsh & McLennan Agency
Dan Murphy has been in the employee benefits consulting business since 1971. He began his insurance career with Aetna Life Insurance Company in San Diego and San Francisco.
Dan joined the MMA team in 1977 and became a partner in the firm in 1980. Dan has more than forty years’ experience assisting employers in the design, application, and ongoing
administration of their employee benefits plans. During his career, he has assisted employers in evaluating and implementing funding options, including self-insured plans to include carving-out prescription drug benefit plans. Dan is a graduate of Stanford University and subsequently served as an infantry and artillery officer in the United States Marine Corps before beginning his insurance career.