ST. PAUL, Minn., Aug. 21, 2012 /PRNewswire/ -- Prime Therapeutics (Prime), a leading pharmacy benefit manager (PBM), has been selected as the exclusive PBM and third party administrator for the HR Policy Association's Pharmaceutical Coalition, the lead organization representing chief human resource officers of more than 330 of the largest corporations in the United States and globally. Through the new program, members of the coalition will have a fully transparent contractual agreement.
The new program passes on the cost of drugs and all financial benefits accrued directly to the employer, and costs will be fully transparent. This is unlike most traditional PBM relationships, due to misaligned contractual elements the employer doesn't know the actual costs of the drug paid by the PBM or the mark-ups added to that cost. The program will be available to coalition employers beginning January 1, 2013.
"Our new agreement with HR Policy Association's Pharmaceutical Coalition not only serves as a strong reinforcement of our continued commitment to transparency for all of our clients, it also confirms that we are a highly competitive player in the large employer market," said Eric Elliott, Prime president and CEO. "While we continue to be committed to an integrated medical and pharmacy model, we welcome the opportunity to expand access to Prime's high-quality, affordable pharmacy management to current and future HR Policy members. We believe this agreement will only strengthen our impact in this market as more and more customers realize the importance of Prime's unique value proposition."
Since 2006, the Coalition has been actively involved in increasing transparency in the PBM industry, through its Transparency in Pharmaceutical Purchasing Solutions (TIPPS) certification program. PBMs willing to meet high standards of transparency can receive annual certification. Prime was among the first PBMs to participate in the TIPPS initiative. It has received certification each year, including the highest level of certification last year.
"The HR Policy Association's Pharmaceutical Coalition program will now make it easier than ever for employers to provide affordable, quality prescription drug benefits to employees, retirees and their dependents." said Jeffrey C. McGuiness, Chief Executive Officer of the Association. "The Coalition is looking forward to working with Prime Therapeutics to advance the HR Policy Association's long-term goal of promoting transparency in pharmacy benefits."
Prime Therapeutics is a pharmacy benefit management company dedicated to providing innovative, clinically-based, cost-effective pharmacy solutions for clients and customers. Providing pharmacy benefit services nationwide to nearly 20 million lives, its client base includes Blue Cross and Blue Shield Plans, employer and union groups, and third-party administrators. Headquartered in St. Paul, Minn., Prime Therapeutics is collectively owned by 13 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those Plans. Learn more at www.primetherapeutics.com.
SOURCE Prime Therapeutics