ST. PAUL, Minn., Oct. 10, 2011 /PRNewswire/ -- Prime Therapeutics (Prime), a leading pharmacy benefit manager, has met high standards of pharmacy cost transparency, earning its 2012 Transparency in Pharmaceutical Purchasing Standards(SM) (TIPPS) certification from the HR Policy Association. This is the fifth consecutive year Prime has received this certification.
TIPPS certification is given annually to pharmacy benefit managers (PBMs) that have agreed to provide pharmacy cost information to the association’s 60 member companies, who purchase pharmacy benefits for more than five million Americans. Prime was one of just four PBMs that agreed to a set of comprehensive requirements for disclosure of supply costs and revenue sources, and also provided actual average inventory cost (AAIC) for mail service drugs, earning it the HR Policy Association’s Tier One Certification for 2012.
“At Prime, we are committed to an approach that integrates medical and pharmacy as well as a philosophy of transparency,” said Eric Elliott, president and chief executive officer of Prime. “TIPPS certification continues to be an important recognition for Prime, and we believe that aligning with our clients at mail as well as retail demonstrates our intent to deliver the lowest possible cost of care for clients and their members.”
The TIPPS program requires PBMs to provide transparency in reporting acquisition costs, home delivery costs, pass-through of pharmacy revenue, specialty pharmacy drug costs, plan management and consumer engagement efforts. Participating PBMs also grant the association the right to audit the organization in each of these areas. The program’s standards promote contracting that makes it easier for employers, their beneficiaries and dependents to understand the true price of a drug and highlight the true value PBMs bring to health care.
Prime Therapeutics is a pharmacy benefit management company dedicated to providing innovative, clinically-based, cost-effective pharmacy solutions for clients and members. Providing pharmacy benefit services nationwide to nearly 17 million covered 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 12 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those Plans. Learn more at www.primetherapeutics.com.
SOURCE Prime Therapeutics
