Health Insurance Daily

Online Tool Helps With Drug Choices

Patients are 58% more likely to switch to a lower-cost prescription drug when assisted by an online tool that allows them to compare prices, a new study from pharmacy benefit manager Medco reveals.

Medco unveiled its online tool, Savings Advisor, in March 2006 and studied the usage habits of more than 55,000 patients for 180 days. Half of the patients used the tool, and the other half did not. The study concluded that those who used the tool were more likely to change their prescriptions to cheaper alternatives, compared to the control group.

On average, patients switching to a lower-cost alternative saved $171 annually per drug on their out-of-pocket expenses. Employers also are likely to reap big savings when their workers use lower-cost drugs.

Information provided by Benefitnews 3-1-07

posted by Mike @ 4:31 PM