Even in the wake of the pandemic, increases in prescription drug prices continue to “outpace inflation,” according to a recent AARP survey. Seventy-nine percent of U.S. adults claim that the “cost of prescription drugs is unreasonable,” and almost three in ten adults reported that because of high cost, they didn’t take their medicines as prescribed at some point in the last year.
It doesn’t appear that prescription drug price increases will slow down anytime soon. According to the Centers for Medicare & Medicaid Services (CMS), national health spending will continue to grow at an “average annual rate of 5.4 percent for 2019-28 and is expected to reach $6.2 trillion by 2028.”
Along with prescription pricing increases, manufacturer drug rebates have also increased. According to Pew Charitable Trusts, rebates “grew from $39.7 billion in 2012 to $89.5 billion in 2016 and played a growing role in partially offsetting increases on list prices, which have risen more quickly than overall retail prescription drug spending.” Never before has offsetting prescription prices been more critical for employers and group health plans.
In this landscape of increasing prescription drug prices and manufacturers’ drug rebates, as a leader in automated pharmacy benefits data analysis, Xevant is perfectly positioned to launch an industry game-changer in the drug rebate space.
On June 29, 2021, our team at Xevant announced the launch of RebateLogic, a groundbreaking solution that fully automates the management and optimization of drug rebates while providing a new level of access to rebate price transparency. This new module dramatically lowers drug costs and improves rebate yields. RebateLogic automatically analyzes prescription claims data to identify opportunities to optimize utilization, formulary, and rebate management while leveraging industry-best rebate pricing. This unprecedented level of access, transparency, and automation enables RebateLogic to decrease the complex and cumbersome effort of managing rebates while cutting the average rebate processing and payment time down by 66 percent.
At Xevant, we are fundamentally changing the way rebates are accessed and managed which allows us to optimize them in ways never thought possible. We have set out to achieve the lowest possible drug cost and that’s what RebateLogic gives us the ability to do.
Securing data is crucial, but it’s how the data is accessed, managed, and optimized that makes a difference. RebateLogic is revolutionizing the healthcare industry by ensuring drug rebates do what they are supposed to–deliver the lowest net prescription cost without compromising patient health.
With both automated daily claim information and insights in real-time, Xevant users constantly have their finger on the pulse of the market. Additionally, everyone at Xevant is working to help to streamline the process by identifying areas of improvement and savings the moment they are available. Whether you’re a PBM, TPA, or benefits manager, we at Xevant can proudly say that we can provide the data you need before you may even realize that you need it.