Sometimes data is so compelling you have to get it out there immediately.
CompPharma’s annual survey of prescription drug management is underway; here are quick takes from the first ten surveys.
- 2017 drug spend dropped 13.4 percent from 2016 – the biggest decrease in the 15 years we’ve been doing the survey
- Opioid spend decreased twice as much – over 26 percent.
Note that the huge drop in opioid spend occurred BEFORE adoption of formularies and other controls in big states like Pennsylvania, New York and California.
Note also that this is the sixth drop in drug spend since 2010.
Graph from last year’s Survey, Public version available for download here.
There are a few other newsworthy findings;
- compound spend is down dramatically in most areas – but has spiked in a couple of states.
- the decrease in spend is attributed primarily to lower opioid utilization
- despite the big drops in spend, respondents (typically the executive at a work comp payer with overall responsibility for medical management) see pharmacy as MORE important than other medical service types…because pharmacy drives disability and return to work
This is very preliminary; we expect another 15 or so respondents and I’d expect things to change with more data. (if you want to participate and receive a detailed copy of the 2018 Survey Report, email Helen Patterson at HKnightATcomppharmaDOTcom)
What does this mean for you?
The work comp industry’s decade-long focus on pharmacy is delivering far better care and lower costs.