Drug costs are soaring and driving more of medical spend than ever before. The good news is that there are tools coming to market to help consumers and plans alike.
That is what our guest, Gary Becker, CEO of ScriptSourcing and I discuss on this episode. We begin with an exploration of why prescription drugs are so much more expensive in the United States than they are in other countries. We discuss the particular drugs that are driving the pharma cost component to all time highs.
Gary explains the three strategies being employed by many plans and discusses how advisors can have this conversation with their clients. We conclude our conversation with Gary’s view that advisors must start charging for their services on a quantifiable, performance-based structure.
What You’ll Learn From this Episode:
- Why drugs are so expensive in the USA.
- How pharma is driving medical spend consistently higher.
- The expected increases in pharma costs in the coming years.
- What constitutes international pharmacy management.
- How specialty meds fit into the pharmacy market.
- The landscape of international pharmacy tourism and its effects on the pharma market in the US.
- Whether advisors should bring this model to their employers, and whether they should get compensated on a percentage-of-savings basis.
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Listen to the Full Interview:
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