In this part three series, participants give their opinions on the most effective ways to reduce traditional and specialty pharmaceutical costs. MHE's annual pharmacy survey had over 225 respondents. We will be posting the results over the next several days.
Results from our 2021 Pharmacy survey show that there is no big winner when it comes to opinions on the most effective way to rein in drug costs. Answers to the question about the most effective way to reduce costs for traditional and specialty pharmacy costs were pretty evenly distributed when we asked respondents to pick up to three of eight choices.
For traditional pharmacy, expanded use of digital tools (30%), improved price transparency (30%), narrower, simpler formularies (29%), revised benefit design to steer patients to low-cost options (29%) and more aggressive utilization management (28%) were favored by roughly the same proportion of respondents.
For specialty pharmacy, there was a bit more separation of the top picks from the rest of the pack. Most favored was performance-based contracting between payers and prescribers (42%), followed by Medicare price negotiation (36%) and formulary adoption and prescription of biosimilars (35%).
Just over 225 people responded to our online survey between April 5 and May 10.