Take a Glimpse At How Generic Medications Can Save You Money!
Brand HMG-CoA Reductase Inhibitors (statins) vs. Generic Utilization
As the administrator of your client's prescription benefit plan, Benecard Services, Inc. continually looks for ways to address the needs of your client and assist the healthcare operations of its plan under the HIPAA Privacy Rule. As part of these specialized services, Benecard will inform plan participants in the beginning of October about the new cost-saving opportunities related to statins.
HMG-CoA Reductase Inhibitors (statins) is a category of medications widely used in the treatment of elevated cholesterol levels. Recently, the patents for two major cholesterol medications, Pravachol® (Pravastatin sodium) and Zocor® (Simvastatin) have expired;
thus generic alternatives are now available for these medications.
The availability of generics for these two medications is important because:
the tools to
Cholesterol reducers were the top therapeutic category dispensed in 2005 with
sales greater than 14 billion dollars.
2007 statin expenditures for and by Medicare beneficiaries are projected at $14
billion and could be decreased by $8.2 billion (58%) by with the introduction of the
Generic versions of statins could reduce co-payments by more than $200 annually
It is clear that the utilization of the generic forms of these statins will ease the cost of
prescriptions for your client's and their participants as well.
The availability of statins in generic form presents opportunities for cost-savings. Prescription claims information will be analyzed to identify members currently receiving brand-name statins. Letters will be sent to patients utilizing brand HMG-CoA reductase inhibitors to inform them that generic alternatives are now available and to educate them
about the opportunity to change to a generic. Due to lower copays for generic
medications, out-of-pocket costs can be reduced.
From Benecard Benecard continually looks for opportunities such as these two statins, Pravachol and
Zocor to assist your plan participants in matters of cost-savings when using prescription medications. The use of generic medications is an alternative approach in providing cost-saving opportunities to your client's participants and decreasing overall healthcare costs.
Attached is a copy of the letter that Benecard expects to forward to plan participants currently utilizing brand-name statins. This is important information that you should discuss with your clients.
Please contact your Client Relations Manger if you do NOT want Benecard to send this information to your client's participants utilizing cholesterol medications by September 29, 2006. We hope this value-added mailing will prove useful to you and your client's in decreasing your prescription medication costs. Benecard is a registered mark of Benecard Services, Inc. 2006 Benecard Services, Inc. All rights reserved.
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