Humana Inc. (NYSE: HUM) announced today that its pharmacy benefits management subsidiary Humana Pharmacy Solutions, Inc. (HPS), is offering employers a new Rx4Value formulary and Walmart Rx Network that together guarantee up to 20 percent savings on employers’ average prescription price1.
The new options extend HPS’s signature Average Script Price Guarantee, which guarantees the average prescription cost a self-insured employer will pay across all of its annual in-network prescriptions. Both new pharmacy benefits options are available now to self-insured employers. The Walmart Rx Network option is expected to be available to fully-insured employers later this year.
“In the midst of today’s rapidly changing PBM landscape, we’re proud to offer a simple, cost-effective solution that helps employers better predict costs and save money,” said William Fleming, PharmD, president of Humana Pharmacy Solutions. “Pharmacy is the most used health benefit, and providing new, unique pharmacy benefits services that best meet employers’ and members’ needs directly supports Humana’s mission of helping people achieve life-long health and well-being.”
The new Walmart Rx Network will allow employers to select a Walmart-focused network for their employees to fill their prescriptions. The network offers self-insured employers an average of 10 percent savings on their annual average prescription price1. The new Rx4Value formulary provides comprehensive therapeutic coverage while saving self-insured employers an average of 15 percent on their members’ annual average prescription price1. Both options are available individually and can be combined for compounded savings.
In total, self-insured employers who select both the network and formulary options will be able to save up to 20 percent on their annual average prescription price1, meaning that a self-insured employer with 1,000 employees could achieve savings of as much as $400,000 per year.2
“At Walmart, we’re committed to providing low-cost prescriptions and ensuring that people have affordable access to the medications they need to help them live healthier lives,” said Dr. John Agwunobi, president of Walmart U.S. health and wellness. “We are proud to team with Humana on this innovative benefit.”
Humana Pharmacy Solutions Guaranteed Cost Savings: Benefits and Details
- Walmart Rx Network. Walmart’s commitment to health, an outstanding customer experience and lower costs, combined with Humana’s expertise in managing health costs through innovative health benefit designs, result in a unique partnership that offers employers significant cost savings and predictability. The network includes the more than 4,400 pharmacies under the Walmart, Neighborhood Market, Sam’s Club, Walmart Express and Walmart on Campus banners, as well as Humana’s RightSource mail order pharmacy. The network is available today for self-insured employers, and is expected to be available to fully-insured employers later this year.
- Cost-effective Rx4Value formulary. The new Rx4Value formulary replaces certain brand-name drugs with generic alternatives that are equally effective and provide greater cost-savings. The formulary is available today for self-insured employers.
- Average Script Price Guarantee. Through its Average Script Price Guarantee, HPS guarantees upfront the average cost a client will pay across its prescriptions throughout the year. This guaranteed predictability diminishes risk and uncertainty that employers have traditionally had to bear when working with PBMs – allowing them to more effectively manage their budget.
“These three initiatives represent a unique, first-of-its-kind model that maximizes the value of pharmacy benefits for employers, including guaranteed savings of up to 20 percent on their pharmacy costs,” said Fleming.
For more information about Humana’s new pharmacy offerings, visit www.humana.com/pbm or call 1-855-605-6383.
Humana Inc., headquartered in Louisville, Kentucky, is a leading health care company that offers a wide range of insurance products and health and wellness services that incorporate an integrated approach to lifelong well-being. By leveraging the strengths of its core businesses, Humana believes it can better explore opportunities for existing and emerging adjacencies in health care that can further enhance wellness opportunities for the millions of people across the nation with whom the company has relationships.
More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com, including copies of:
- Annual reports to stockholders
- Securities and Exchange Commission filings
- Most recent investor conference presentations
- Quarterly earnings news releases
- Replays of most recent earnings release conference calls
- Calendar of events (including upcoming earnings conference call dates and times, as well as planned interaction with research analysts and institutional investors)
- Corporate Governance information
About Humana Pharmacy Solutions (HPS)
Humana Pharmacy Solutions, a division of Humana Inc., manages traditional pharmacy benefits with member-focused strategies to yield savings in pharmacy and total health expense. Providing prescription coverage for both individuals and employer groups, Humana Pharmacy Solutions strives to give members access to the medicine they need while offering guidance on clinically proven, therapeutically equivalent drugs that bring better value to the member and the customer.
1 Savings indicates average price per prescription, excluding specialty and compounded prescriptions, at Walmart Rx Network pharmacies, when compared to Humana’s standard broad pharmacy network with a three or four tiered formulary.
2 Actual savings will vary by employer.
Jeff Blunt, 513-826-7094
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