Prime Therapeutics Announces Prime Therapeutics Specialty Pharmacy
Prime Therapeutics, a leading pharmacy benefit manager, has launched Prime Therapeutics Specialty Pharmacy (Prime Specialty Pharmacy), a new integrated specialty pharmacy focused on providing easier access to affordable medicine.
Prime Therapeutics (Prime), a leading pharmacy benefit manager (PBM), has launched Prime Therapeutics Specialty Pharmacy (Prime Specialty Pharmacy), a new integrated specialty pharmacy focused on providing easier access to affordable medicine. Prime clients will begin transitioning to the new pharmacy beginning August 1.
Specialty drugs are typically high-cost medications that are often used to treat sick and vulnerable patients with chronic conditions such as multiple sclerosis, hepatitis C and cancer. According to Prime's 2012 Drug Trend Insights report, spending on specialty medications increased 20.1% in 2011. Prime's analysis predicts total spending on specialty drugs will reach 30% of all pharmacy expenditures by 2016, as the cost of these drugs grows rapidly and an increasing number of people use specialty medications.
"Patients in need of specialty treatments require more complex care. Because some specialty treatments are managed under the medical benefit, while others are managed under the pharmacy benefit, it's more important than ever to apply a total health focus in helping these members improve their health while appropriately controlling costs," said Eric Elliott, Prime president and chief executive officer. "As the specialty pharmacy segment grows, Prime Specialty Pharmacy is positioned to become a leader in total health for specialty patients with the complete picture of treatment options and costs taken into consideration."
Since 2008, Prime has provided specialty pharmacy services through its Triessent program for its Blue Plans and other clients. Today it processes more than 36,000 specialty prescriptions per month. Current Triessent clients will be transitioned to the new Prime Specialty Pharmacy, which will provide complete in-house specialty management, over the coming months. The 55,000 square foot pharmacy, which includes a state-of-the-art clean room facility, is located in Orlando, FL.
"Specialty has grown in focus because of rapidly increasing costs, a growing number of patients taking these complex medications and a number of new specialty treatments in development," said Duane Barnes, Prime senior vice president of consumer delivery. "Prime Specialty Pharmacy allows us to bring all specialty functions in-house, and apply the same integrated medical-pharmacy strategies to specialty to provide quality care for members in need of these medications."
Prime Therapeutics is a pharmacy benefit management company dedicated to providing innovative, clinically-based, cost-effective pharmacy solutions for clients and customers. Providing pharmacy benefit services nationwide to nearly 20 million lives, its client base includes Blue Cross and Blue Shield Plans, employer and union groups, and third-party administrators. Headquartered in St. Paul, MN, Prime Therapeutics is collectively owned by 13 Blue Cross and Blue Shield Plans, subsidiaries or affiliates of those Plans. Learn more at www.primetherapeutics.com. Follow Prime on Twitter @Prime_PBM.
SOURCE Prime Therapeutics