Innovative Strategies for Managing the Rising Cost of Specialty Drugs

SHRM 2013 Annual Conference
Workplace Application: This session will introduce strategies your organization can use to reduce your prescription drug costs.
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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. Prescription drugs are vital to preventing and treating illness and helping to avoid more costly medical problems. 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 areas of generic and specialty 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 2013 and beyond?"

Date(s) & Time(s): 
Monday, June 17, 2013 - 10:45am to 12:00pm

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).
Amount of Credit: 
Credit Type: 
HR Credit
Session Type: 
Concurrent Session
Critical Evaluation
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