Most employers spend 16% or more of their healthcare budget on pharmacy benefits for their employees

Buck Consultants at Xerox recently released the fifth annual "Prescription Drug Benefit Survey". Here's what they found:

• 77% of employers spend 16% or more of their healthcare budget on employee pharmacy benefits.
• Almost 5% of employers spend more than 30% on pharmacy.
• A specialty drug costs at least $2,500 per month or $75,000 per year.
• 22% of respondents do not know the portion of drug spend attributed to specialty medications.
• Utilization management programs, like prior authorization, are used by 77% of responders.

Source: Buck Consultants, February 25, 2015