Humana Pharmacy Solutions One of Only Five U.S. Pharmacy Benefit Managers to Meet Highest Transparency Standard Set by HR Policy Association
LOUISVILLE, Ky.--(BUSINESS WIRE)--Humana Inc. (NYSE: HUM) announced today that its Humana Pharmacy Solutions division is one of only five pharmacy-benefit managers (PBMs) in the U.S. to agree to the highest level of transparency for prescription-drug pricing set by the HR Policy Association.
In its announcement this week, HR Policy Association identified Humana Pharmacy Solutions and four other PBMs that have agreed to the “highest standards of business transparency” because they are willing to provide actual average inventory cost (AAIC) for mail-order drugs. AAIC allows employers to benefit from the PBM’s actual inventory cost for drugs, and is “the most accurate picture of the true cost of a drug” available today, according to the Association.
“Humana members and our employer-customers are all looking for ways to save money on health care. Understanding the true cost of care, including prescription drugs, helps our members and employer-customers better manage their care and health-related spending,” said William Fleming, PharmD., vice president of Humana Pharmacy Solutions. “We’re honored to be one of only five PBMs in the U.S. – and one of only two PBMs operated by a major U.S. health insurer – to be recognized for our commitment to the highest level of transparency for prescription-drug pricing.”
HR Policy Association represents senior HR executives from the nation’s largest employers. The association’s “Transparency in Pharmaceutical Purchasing Solutions,” or TIPPS Standards, “promote contracting that makes it easier for employers, their employees and dependents to understand the true price of a drug.” According to the Association, these standards are designed to ensure that pharmacy-benefit services are structured to encourage the use of the most clinically appropriate and cost-effective drugs available.
HR Policy Association’s Pharmaceutical Coalition is comprised of nearly 60 association member companies. These large employers purchase pharmacy benefits for more than five million Americans.
For more information see the October 5 HR Policy Association news release.
About Humana Pharmacy Solutions ®
Humana Pharmacy Solutions, a division of Humana Inc., manages traditional pharmacy benefits with member-focused strategies to yield savings in pharmacy and total health expense. Providing prescription coverage for both individuals and groups, Humana strives to give members access to the medicine they need while offering guidance on clinically proven, therapeutically equivalent drugs that bring better value to the member and the customer.
Humana Inc., headquartered in Louisville, Ky., is one of the nation’s largest publicly traded health and supplemental benefits companies, with approximately 10.3 million medical members and approximately 7.3 million specialty-benefit members. Humana is a full-service benefits solutions company, offering a wide array of health and supplemental benefit plans for employer groups, government programs and individuals.
Over its 49-year history, Humana has consistently seized opportunities to meet changing customer needs. Today, the company is a leader in consumer engagement, providing guidance that leads to lower costs and a better health plan experience throughout its diversified customer portfolio.
More information regarding Humana is available to investors via the Investor Relations page of the company’s Web site at http://www.humana.com, including copies of:
About HR Policy Association
HR Policy Association is the lead organization representing chief human resource officers of major employers. The Association consists of more than 300 of the largest corporations doing business in the United States and globally, and these employers are represented in the organization by their most senior human resource executive. Collectively, their companies employ more than 18 million employees worldwide and have a combined market capitalization of more than $7.5 trillion. These senior corporate officers participate in the Association because of their passionate interest in the direction of human resource policy. Their objective is to use the combined power of the membership to act as a positive influence to improve public policy, the HR marketplace, and the human resource profession. For more information visit www.hrpolicy.org