The Pharmacy Benefit Management Institute announced the winner of the 2013 Rx Benefit Innovation Award at PBMI's 18th Annual Drug Benefit Conference held in Las Vegas, February 19th.
Navitus Health Solutions is being recognized for its efforts in formulating a collaborative partnership with Vanderbilt University to provide a program that offered flexibility in custom formulary decision-making, leveraging utilization of their in-house pharmacies for retail, mail and specialty prescriptions, and the ability to self-direct the pharmacy benefit management program.
Through this non-traditional model, Vanderbilt recognized significant plan savings. In the first two years, Vanderbilt saved $12.7 million. A tiered plan design ($1 a month and $3 for three months on generic medications) was implemented to incentivize members to use Vanderbilt‘s pharmacies. Member cost decreased by 18.2% ($1.7 million in savings) as well.
2012 Award Winners