Prescription drugs are priced differently based on many factors in the market, including the uniqueness of a drug, the research investment in creating the drug, and whether or not the drug is still protected by a patent. There are often many drugs available with similar effectiveness to treat a specific condition, which can be advantageous for both you and your employees.
The MaxChoice Reference Price Program focuses on select categories of medications where there’s a wide range of low-cost options that are similar in safety and effectiveness across all products. The selected MaxChoice product is assigned a drug-specific copay that saves both the employee and the employer money. If the patient selects an alternate medication with a higher cost, the remaining cost will be shifted to them through the copay amount.
This program allows patients to have a choice in the medication they take while shifting costs away from the plan if a higher-cost medication is chosen in place of a lower-cost medication. When substitutions are made, the pharmacist will contact the prescriber for approval.
The MaxChoice Reference Price Program helps save both the employee and the employer money by encouraging the use of lower-price medications that have been proven safe and effective.
Looking for ways to reduce the total cost of your prescription benefit plan? Contact MaxCare today for more information about this and other programs.