According to a Principal news release, the Generic Uptake Program sends dispensing pharmacists notification when a new generic equivalent is available for a requested brand name medication. These alerts will allow pharmacists to convert medications to the generic equivalents as soon as possible, allowing members immediate access to the cost savings.
“With more than 80 brand name drugs scheduled for a generic version over the next three years, there is a potential for large costs savings,” said Dr. Rhonda Koch, the director of pharmacy for the Principal Financial Group. “We worked with Caremark to find a way to make it easy for pharmacists to pass these savings on to our members.”
The Principal points out in its news release that generic drugs are identical to brand name drugs in dosage, safety, and strength. The FDA-approved generic drugs have saved consumers an estimated $8 billion to $10 billion a year.
Additional information about Caremark can be found at www.caremarkrx.com .
The Principal Financial Group’s Web site is www.principal.com .
« FASB Set to Consider Sweeping Pension Reporting Changes