Utilization of low-cost alternative reports leads to significant annual savings
LOS ANGELES--(BUSINESS WIRE)-- DestinationRx, Inc., a leading provider of health plan and drug comparison tools, technology and data, today released data showing the substantial savings offered by the Company’s Drug Compare suite of online prescription drug comparison tools. An analysis of user activity in 2010 shows that the DestinationRx tools yielded an estimated $1 billion in savings for users, with a total of $13 billion in potential savings had all users acted on Drug Compare information. In a year in which healthcare spending once again rose, DestinationRx tools provided users with the opportunity to make cost-effective healthcare purchases.
“During 2010, Drug Compare users gained access to an unprecedented amount of potential savings,” said Alexander Grunewald, PhD, Vice President of DestinationRx. “We hope to see even more success in 2011 as we expand and improve our tools to better serve Drug Compare users.”
The Drug Compare suite of products helps plan members understand their drugs and better manage their drug benefit by providing pricing information, drug facts and information about lower-cost alternatives (LCA), or drugs that have similar clinical efficacy, yet cost less. During 2010, an estimated 3 million Americans used a Drug Compare tool, viewing approximately 10 million LCA reports. Eighty percent of searches were for drugs for which no direct generic exists on the market. On average, each report shows more than $1,300 in potential annual savings, corresponding to a savings rate of 68 percent, including savings on co-pays and plan-pay. Based on utilization, the total savings potential identified by Drug Compare tools was approximately $13 billion, with an estimated $1 billion in savings fully realized by member action. Currently, Drug Compare covers 95 drug categories (including approximately 1,000 different drugs), which are continually reviewed and updated. Interest in the drug categories was broad, with no drug category receiving more than 14% of searches in 2010. The top drug categories by request and potential savings were statins and proton pump inhibitors (PPIs), with Lipitor, pantoprazole, Crestor and Nexium leading.
In 2011, DestinationRx plans to make Drug Compare more accessible by providing access through new channels, including mobile devices, and by further personalizing and expanding Drug Compare content.
DestinationRx is the leading provider of web-based prescription drug comparison and Medicare health plan comparison and enrollment services. These services help organizations control costs and increase revenue and enable consumers to make better healthcare decisions. The DestinationRx plan and drug comparison tools are licensed by the Centers for Medicare & Medicaid Services (CMS), America’s largest health plans, pharmacy benefit managers (PBMs), and pharmacies as well as advocacy organizations including AARP and Consumers Union. For more information, please visit: www.destinationrx.com.
Corinth Group Communications
Amanda Breeding, 617-464-4641
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Pharmaceutical Professional Services Insurance General Health Managed Care