TAMPA, Fla.–(BUSINESS WIRE)–PMSI, one of the nation’s largest and most experienced companies focused solely on workers’ compensation, today announced the release of its 2011 Annual Drug Trends Report. The 2011 report findings are based on data analysis of PMSI’s 5.4 million retail and mail order transactions during calendar years 2008 – 2010.
“For 35 years, PMSI has been the leading source of insight on trends in pharmacy spend and utilization management,” says Jay Krueger, PMSI’s Chief Strategy Officer. “Our annual report is recognized as a valuable resource that delivers a comprehensive analysis of the workers’ compensation industry based on a strong foundation of informatics and a keen understanding of market trends.”
The 2011 report identifies the top 10 trends that affect pharmacy spend across the areas of cost, utilization and drug mix. It also discusses industry developments, such as physician dispensing, expanded use of pharmacy networks and the broadening of formularies and utilization controls.
Significant findings in the report include:
- Average pharmacy spend per injured worker decreased by 2.3% in 2010
- Overall average cost per day of supply fell 2.0%
- AWP changes represented a 3.5% increase in the average cost per day of supply in 2010 — 45% less than the increase in 2009
- Mail order cost per day of supply was 19% less than the average cost per day of supply through a retail pharmacy
- New medications released in 2010 had only a small impact on total drug spend
“A workers’ compensation PBM offering must control costs and respond to industry issues,” says Maria Sciame, PharmD, PMSI’s Executive Director of Clinical Services. “Success requires programs that drive network and mail order penetration and optimize outcomes through strong, industry-specific clinical oversight. PMSI’s success in these areas has led to high levels of customer satisfaction and a significant expansion of PMSI’s customer base.”
The complete 2011 Annual Drug Trends Report can be obtained here.