As 2023 comes to an end, we’re reflecting on key trends and changes in the pharmacy landscape as well as our evolution as a pharmacy analytics automation leader. Armed with what we’ve learned in 2023 along with a clear, innovative vision for the future, we’re heading into 2024 with a renewed commitment to helping our clients find new ways to improve health and achieve lowest net cost.
A Busy Year for the PBM Market
This year brought many new opportunities and challenges for the pharmacy care industry. Some of the more pivotal issues include:
The Great PBM Legislation Debate
The rising cost of prescription drugs continues to be a pain point across the U.S., with lawmakers pouring over the complexities of the drug supply chain to identify the source of this issue. As a result, a plethora of legislation was proposed at the Federal and state levels aimed at changing how PBMs do business. While conversations on the Hill continue, it’s important for PBM stakeholders to be prepared for any changes that may result.
Xevant continues to keep a close eye on legislative efforts to understand what the more pressing Federal and State bills are trying to address and the potential impact on PBMs and the industry at large.
We’ll be hosting an informative webinar on this critical topic in the new year – you won’t want to miss it.
The Biosimilar Effect on Rising Specialty Costs
Specialty drug spend continues to outpace traditional drug spend, a trend that shows no sign of slowing. Biosimilars offer promising relief to the out-of-control costs of biologics, which are life-changing – and often life-saving – drugs.
As we saw in the traditional drug market with generics, increased competition will help drive down specialty costs of both biosimilars and the biologic reference product over time. And when you remove the cost burden you remove a critical barrier to care, leading to healthier patients and a healthier bottom line for payers.
For more information on what you need to be prepared for these and other evolving trends, download our Top 4 PBM Trends eBook.
Getting a Handle on GLP-1s
The popularity of the diabetes and weight loss drug class, known as GLP-1s, increased at an alarming rate in 2023. The skyrocketing utilization of these new, costly drugs – along with the negative, wide-ranging effects of off-label use – have proven challenging for health plans, employers and PBMs alike.
Critical to effectively managing the onslaught of GLP-1 drugs is advanced data analytics and real-time insights, both of which make PBMs payers, and consultants more agile and responsive. At Xevant, we recognize that time is money and our expertise in analytics automation allows all pharmacy benefits stakeholders to better manage GLP-1 utilization and cost by quickly identifying inefficiencies, revenue leaks, compliance issues, and savings opportunities.
What’s in Store for 2024
Xevant remains committed to enhancing our organization to meet the unique, changing needs of each of our clients and help them navigate the coming year. Whether that’s by making changes to existing offerings or innovating and developing new tools to transform the market.
Ongoing System Enhancements
We listen to our clients and use their feedback to adjust and evolve our solutions so we can address their most critical needs. One recent example is our unique alerting feature, which makes plan management more intuitive and timelier. In response to customer needs, we’ve streamlined the process of creating alerts, ensuring effortless access and management of vital KPIs.
Commitment to Innovation
In addition to enhancing existing solutions, we’re committed to ongoing innovation. We’re investing significantly in 2024 to transform elements of our platform, making it even more intuitive, user friendly and an essential component for every PBM, consultant, TPA and health plan to achieve lowest net cost.
As we’ve discussed, much is in store for 2024 – some known and some yet to unfold. With Xevant, you have a virtual pharmacy benefits expert analyzing your data every single day. So, no matter what legislation is passed, no matter what new drugs come to market, no matter how the landscape may change, we’ll make sure you are prepared.
We look forward to helping you stay ahead in the coming year, and beyond, with real-time informed decisions.
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Biosimilar source: https://www.cardinalhealth.com/content/dam/corp/web/documents/Report/cardinal-health-biosimilar-launches.pdf
GLP-1 source: https://www.iqvia.com/locations/united-states/blogs/2023/08/new-demand-in-an-old-market
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