Using HR in controlling prescription drug cost

https://cdn.aarp.net/content/dam/aarp/health/drugs_supplements/2016/04/1140-new-coalition-pushesfor-lower-prescription-drug-costs.imgcache.rev.web.900.513.jpg

Introduction

The drug prices in our country and almost most of the countries tend to increase year by year. The costs are rising in excess of general and medicinal cost inflation, which leads to call of a price hike. (Kleinke, 2001). With a price control act implemented in Sri Lanka according to the NMRA for essential drugs which doesn’t cause much problem, but the problematic drugs specialty drugs which are recently founded to treat novelty illnesses like cancer. “Costs for specialty pharmaceuticals are increasing 21 percent per year, compared to 4 percent for traditional pharmacy,” says Steve Wojcik, vice president of public policy at the National Business Group on Health in Washington, D.C.

specialty pharmaceuticals, including those derived from living cells or organisms (referred to as “biologics”), are much more complex than traditional prescription drugs, both in their makeup and in how they are administered to the patient. These medications:  (Sammer, 2017)

  • ​Injections or infused in a health care setting at a doctor’s office, clinic or hospital, with follow-up care and monitoring also necessary.
  • ​Are used to treat complex, often chronic conditions, including certain types of cancer and multiple sclerosis, for which there are few if any other treatment options.
  • Are expensive or expensive. A single dose can cost hundreds or thousands of dollars.

Reasonable people may interpret the data and institutions in a different perspective than the above-mentioned medication pricing viewpoint. If my viewpoint is accepted, it will have policy ramifications. Why do some customers receive such fantastic bargains, and how might government health insurance plans join in marketplaces so that they can achieve comparable prescription prices? Medicaid has chosen the approach of mandating manufacturers to offer Medicaid prices (in the form of rebates) that are competitive with the best private-sector price. Because such rules alter the economics of granting price discounts to all customers, the private price has increased (Frank, 2001).

 

 



Solutions

As specialty medications grow increasingly widespread across all therapy groups, you may be tempted to ask employees to foot a larger share of the bill—perhaps by implementing co-insurance, which compels employees to pay a percentage of the prescription cost rather than a flat dollar co-payment (Sammer, 2017).

 

Disease management programs can also direct patients to the least expensive specialty medicine delivery facility. Some physicians may prefer to deliver the drug in a hospital setting; however, a physician's office or retail clinic could be just as safe and effective while costing far less.

  • ​
    • Bibliography

    Anon., . Character education: our shared responsibility. [Online]
    Available at: http://www2.ed.gov/admins/lead/character/brochure.html
    [Accessed 6 12 2021].

    Columbaro, N. L. & Monaghan, C. H., 2009. Employer Perceptions of Online Degrees: A Literature Review.. Online Journal of Distance Learning Administration, , 12(1), p. .

    Frank, R. G., 2001. Prescription Drug Prices: Why Do Some Pay More Than Others Do?. Health Affairs, , 20(2), pp. 115-128.

    Kleinke, J., 2001. The Price Of Progress: Prescription Drugs In The Health Care Market. Health Affairs, , 20(5), pp. 43-60.

    Merrick, A., 2019. Education Benefits Present a Learning Opportunity. SHRM.

    Nichols, S., Nixon, H., Pudney, V. & Jurvansuu, S., 2009. Parents resourcing children’s early development and learning. Early Years, , 29(2), pp. 147-161.

    Sammer, J., 2017. How HR Can Help Control Prescription Drug Costs. SHRM, Issue may 2017.

    w_AM, e. n., 2004. Adult and community education. [Online]
    Available at: http://epsom-ewell.gov.uk/eebcweb/templates/general.aspx?nrmode=published&nrnodeguid={fe1186dd-6c80-4027-a133-88b754296f6f}&nroriginalurl=/eebc/education+and+learning/adult+and+community+education/&nrcachehint=nomodifyguest
    [Accessed 6 12 2021].

     

     

     

Comments

  1. Hariz Haniffa19 December 2021 at 04:09

    This comment has been removed by the author.

    ReplyDelete
  2. Hariz Haniffa19 December 2021 at 04:10

    Managing prescription is difficult and necessitates specific knowledge. To allow pharmacy benefit managers (PBMs) or other consultants to closely monitor and manage spending, many bigger businesses choose to split these programs from the broader health plan. A rising number of businesses are segmenting their speciality drug programs so that they can be managed by specialty pharmacies, specialized PBMs, and other suppliers.

    HR professionals from smaller businesses that rely on insurance providers to run their health plans, which include pharmaceutical coverage, have fewer options. However, they can still exert pressure on carriers by inquiring about their cost-cutting efforts.

    ReplyDelete

Post a Comment

Popular posts from this blog

CONTEMPORARY HUMAN RESOURCE CHALLENGES

  Contemporary Human Resource (HR) Challenges Organizational Culture; Introduction of organizational culture. As people working in an organization are in a fast-moving word, the organizational culture is also getting changed accordingly. In fact the culture of an organization affects the way in which people behave and has to be taken into account as a contingency factor in any programme for developing organizations and HR policies and practices. This is why it is important for HR specialists as well. The Organizational culture The pattern of values, norms, beliefs, attitudes and assumptions are known as organizational culture. In fact ‘Values’ refer to what is believed to be important about how people and organizations behave. ‘Norms’ are the unwritten rules of behavior. According to Eldridge and Crombie (1974), he says that the culture of an organization refers to the unique configuration of norms, values, beliefs and ways of behaving. Significance of culture, Furnham and Gun...
Read more

THE CONCEPT OF KNOWLEDGE

Image
  THE CONCEPT OF KNOWLEDGE Knowledge is known as the peoples under standing towards things, concepts, ideas, theories, procedures, practices and ‘the way we do things around here’. It can be described as ‘know-how’ or  when it is specific, it is known as ‘expertise’. A distinction was made by Ryle (1949) between ‘knowing how ‘and ‘knowing that’. Knowing how is the ability of a person to perform tasks, and knowing that is holding pieces of knowledge in one’s mind. EXPLICIT AND TACIT KNOWLEDGE Nonaka (1991) and Nonaka and Takeuchi (1995) stated that knowledge is either explicit or tacit. Explicit knowledge can be codified – it is recorded and available and also is held in databases, Tacit knowledge exists in people’s minds. It is difficult to understand in writing and is obtained through personal experience. As suggested by Hansen  et al  (1999), it includes scientific or technological expertise, operational know-how. KNOWLEDGE MANAGEMENT STRATEGIES Two approaches...
Read more

MONITORING THE MENTAL HEALTH OF THE EMPLOYEES

Image
  Monitoring the mental health of the employees in retail pharmacies                                                  figure 1: different thoughts arising in the mind Introduction   In retail pharmacies in Sri Lanka more people tend to buy there medicines from private pharmacies. Some main reasons the patients choose private pharmacies than the hospital pharmacy is they get a better service in a short period of time. In order to survive in the retail pharmacy business, the pharmacists and pharmacy assistants must provide a better service in a shorter period of time. To complete such task preparing prescriptions one after another with complete concentration one must be in perfect mental health. So it is very vital to monitor the mental health of the employees in regular basis. The routine outcome assessment in adult mental health services is inv...
Read more