Employers try to rein in specialty drug costs

"Left unchecked, pharmacy costs will continue to soar, creating an urgent need for employers to reevaluate their pharmacy plans and benefits to include maximizing use of generic drugs, and develop clear policies on the use of specialty and compound drugs," said Carmelina Rivera, U.S. West Division pharmacy leader for Towers Watson. "The challenge is to prudently manage pharmacy costs while enabling employees to access effective and affordable treatment." 

Responding to concerns over drug prices, the American College of Physicians recently recommended that doctors prescribe generic medications over name-brand drugs whenever possible. Not only do generics ease the financial burden on patients and their insurers, but their lower cost makes it more likely that the patient will refill the prescription and take the medication as needed. 

Congressional leaders have also been alarmed by dramatic price increases for certain specialty drugs, and have called on pharmaceutical executives to explain some of the most notable price hikes for drugs treating HIV, cancer, hepatitis C and other life-threatening conditions.