Tuesday, November 17, 2020

Wasteful Pharmacy Spending and the Impact on American Businesses

Healthcare in the United States makes up nearly 18 percent of the entire gross domestic product. In fact, we spend more on healthcare in the US than any other country in the world. And despite measures taken to curb healthcare costs, it has been calculated that “waste lies between $760 billion and $935 billion, which totals nearly 25 percent of the $3.8 trillion in total U.S. spending on healthcare”.1

Many of these waste drivers are lying hidden within the healthcare spend of nearly every organization in the country. For example, lower cost drug alternatives add up to big savings for companies trying to provide adequate and equitable healthcare for their employees. 

The good news is that the implementation of a waste management strategy can help reduce wasteful spending. The hard part is diving into the data to uncover opportunities for Rx savings. A thorough analysis of pharmacy spending plus a targeted approach to cost cutting and savings advantages will pinpoint exactly where to leverage better pricing, better plans and limit waste. 

Visit Innovu.com to learn how a Pharmacy Program Analysis can help find hidden waste in employer pharmacy spend.

1 JAMA Network:  Waste in the US Health Care System: Estimated Costs and Potential for Savings 

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