Humana Pharmacy Solutions recognized for full transparency in drug pricing.
The HR Policy Association has identified Humana Pharmacy Solutions℠ and four other PBMs that have agreed to the "highest standards of business transparency." They were recognized because they are willing to provide actual average inventory cost (AAIC) for mail-order drugs. AAIC allows employers to benefit from the PBMs' actual inventory cost for drugs, and is "the most accurate picture of the true cost of a drug" available today, according to the Association.
"Humana members and our employer-customers are all looking for ways to save money on healthcare. Understanding the true cost of care, including prescription drugs, helps our members and employer-customers better manage their care and health-related spending," said William Fleming, PharmD., vice president of Humana Pharmacy Solutions. "We're honored to be one of only five PBMs in the U.S. – and one of only two PBMs operated by a major U.S. health insurer – to be recognized for our commitment to the highest level of transparency for prescription drug pricing."
The HR Policy Association represents senior HR executives from the nation's largest employers. The Association's Transparency in Pharmaceutical Purchasing Solutions, or TIPPS standards, promote contracting that makes it easier for employers, their employees and dependents to understand the true price of a drug. According to the Association, these standards are designed to ensure that pharmacy benefit services are structured to encourage the use of the most clinically appropriate and cost-effective drugs available.
The HR Policy Association's Pharmaceutical Coalition is comprised of nearly 60 Association member companies. These large employers purchase pharmacy benefits for more than five million Americans.
For more information, see the October 5 HR Policy Association news release.