Direct acquisition model and optimization of all manufacturer discounts: Specialty drugs have become a profit center for your PBM. Your PBM makes money off of every specialty drug dispensed and usually has a “preferred” arrangement with a Specialty Pharmacy that also profits off of every specialty medication paid for by your plan.

ELECT Rx has unique arrangements with several manufacturers of specialty drugs that allow us to sell drugs directly to payers at our acquisition cost and include special incentives available to your members and our organization.

No matter what your contract says, rebates still serve as a large percentage of profit for PBMS and Specialty pharmacies. Under an ELECT Rx situation, we fully disclose and return all rebates and other manufacturer revenue directly to you, which on average is about 30% higher than what most groups receive prior to carving out specialty.

Many specialty drugs and high cost branded medications, such as biologics and insulin can be purchased directly from licensed pharmacies in Canada at a substantial discount. This can be a very effective strategy to lower the cost of these medications for both the payer and the employee. We have done extensive research on the subject, and are willing to provide our opinion if personal importation is an option you are considering.

The 340B is an essential piece of funding for FCHC’s and DSH hospitals. There is a way that you can actually reduce your drug costs and help your local hospital through optimizing the 340B program. This does require the cooperation of a local 340B entity that we can assist with.

Combined, or individually, these are powerful and simple techniques that can be deployed today to reduce your costs.