Express Scripts has released GenericsWork, a new program built around Performance Formulary, a generics-based formulary that promotes generics and low-cost brands. Through the use of educational tools on the clinical and economic value of generic drugs, encouraging appropriate use of generics and lower-cost brand drugs, Express Scripts says plan sponsors will see a dip in their prescription drug costs.
According to the pharmacy benefit manager (PBM), plan sponsors that implement GenericsWork will see their generic dispensing rate increase to approximately 70% of all drugs dispensed. Subsequently, the company’s annual increase in overall drug costs will be less than 5% for each of the next three years. In fact, Express Scripts says that for every 1% increase in generic drug use, prescription benefit plan sponsors save 1% off their cost for drugs in providing the benefit.
In addition, GenericsWork offers savings for consumers who are plan members via a three-tier copayment structure by increasing their utilization of generic drugs. Plan members often have an $8 copayment for generic drugs and a $20 copayment for low cost brand drugs listed on the formulary, Express Scripts said.