Prime Therapeutics (Prime) is pleased to announce our 2014 Report on prescription drug costs.
Last year, we renamed this publication to reflect the inclusion of net prescription drug costs. These costs offer the clearest picture of where costs start and how they compare. This year, our definition of “drug trend” has evolved to reflect the change in net prescription costs.
Prices increased faster in 2014 than in the recent past. This was expected, and the result of changing dynamics in the industry, including:
- Drug price increases across the board
- New, high-cost specialty drugs
- Less opportunity for members to switch to generic drugs
- Increased use across nearly all classes of drugs
- The addition of 1.4 million Health Insurance Marketplace members with greater health needs
In 2014, Prime’s net prescription cost grew 13 percent to $66.67. Although our percent increase was on par with the industry, our net cost per prescription started lower and remained lower. On average, Prime’s clients paid nearly $5.50 less per prescription when compared to a competitor average.
We predict that drug costs will continue to increase rapidly over the next few years. But Prime’s commitment to serving our members and clients will remain strong. We will continue to fight drug price increases and drive appropriate medicine use, helping our clients pay less — and helping people get the medicine they need to feel better and live well.