Prime Therapeutics reports 2.5% increase in drug spending for 2016

Prime Therapeutics — an Eagan, Minn.-based pharmacy benefit manufacturer with nearly 20 million members — reported a 2.5 percent increase in overall drug spending for its members in 2016.

Here are four things to know.

1. Specialty drug spending increased by 13.7 percent last year, which was offset by a 1.7 percent decrease in spending on traditional drugs, according to a news release.

2. The PBM achieved a 5 percent reduction in the average cost per generic prescription for 2016 and its members increased generic utilization from 83.1 to 84.7 percent last year.

3. Prime Therapeutic members saved a combined amount of $2.2 billion in 2016.

4. The company cited several factors that contributed to the low rate of increase for drug spending in 2016, such as members' use of PBM programs, more reliance on generics and better industry alignment and innovative partnerships.

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