Pharmacy Benefits Strategies for Lowering Prescription Drug Costs

SHRM 2011 Annual Conference
As health care costs continue to rise, you will need to consider implementing new pharmacy benefits strategies to control health care costs during these troubling economic times.
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Track: Total Rewards

Health care spending continues to rise at an unprecedented rate and spending for prescription drugs has more than quadrupled in the last 15 years. The Department of Health and Human Services projects U.S. drug spending will increase from $200 billion in 2005 to $498 billion in 2016, an increase of 148%. Pharmacy benefits account for approximately 15% of an employer’s overall health care costs and is one of the fastest growing cost components of a $1.6 trillion health industry. Pharmaceutical costs are fast approaching and may surpass the average cost of inpatient services. The rising costs for prescription drugs highlights the need for a better understanding of the pharmaceutical market and the need for better approaches to address rising costs, particularly in the area of specialty and biotech drugs. Offering affordable benefits will enable you to attract and retain quality employees. With the rising costs of health care, particularly in the area of prescription drugs, the question any employer who offers health benefits must ask is “What strategies can I implement to maintain or even lower my prescription drug costs in 2010 and beyond?”

Date(s) & Time(s): 
Monday, June 27, 2011 - 4:00pm to 5:15pm

Gregory Madsen


Greg Madsen is Co-CEO of Innovative Rx Strategies. Greg possesses first-hand knowledge of PBM pricing models and is an expert in MAC programs, generic pricing and PBM operations. He also has expert knowledge of claims adjudication processes and benefit design administration, along with years of negotiating and auditing experience. Greg is a registered pharmacist with an MBA and prior to founding Innovative Rx Strategies, Greg was Senior Vice President of Retail Services for CVS Caremark. He was responsible for expanding the company’s retail programs, developing client pricing initiatives and was a key contributor to the client underwriting process.

Michael Staab

Michael Staab is Co-CEO of Innovative Rx Strategies. Michael is also founder of the PBM and Pharmacy Law Group, the parent company of Innovative Rx Strategies. He is an experienced health care attorney and former litigator. Prior to starting Innovative Rx Strategies, Michael was the Vice President of Legal Services and Managing Counsel for CVS Caremark. He supervised the attorneys responsible for drafting and negotiating all clients contracts (employer; health plan; Medicare Part D).
LVCC N224-226
Amount of Credit: 
Credit Type: 
HR Credit
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