Abarca guarantees net costs per script for all prescriptions to protect First Medical against inflation and changing drug mixes
Posted: October 14, 2021 at 12:43 p.m. CDT|Update: 11 hours ago
San Juan, Puerto Rico, October 14, 2021 / PRNewswire / – Abarca, a pharmacy benefits manager (PBM) revolutionizing the industry with a new approach to technology and business practices, today announced that First Medical Health Plan, a health plan in the space Commercial and Medicaid, again renewed their relationship for PBM services for an additional three years, this time with a new financial model.
Abarca will ensure an overall net cost per script capped at a low annual inflation rate, giving First Medical the predictability in drug spending sought by many plan sponsors. If costs exceed guaranteed levels, Abarca will reimburse the health plan for any excess. This model is simple, transparent, and disrupts the status quo pricing models that exist in the PBM market today.
“As more high-cost specialty drugs receive FDA approval, typical drug trend management strategies may no longer be the most effective for all clients. ” Jason borschow, President and CEO of Abarca. “We are fully invested in the success of First Medical. This model allows us to play an even more active role in the overall management of our clients’ medications, because we really put our skin in the game. ”
Abarca and First Medical began working together in 2011. Under this new agreement, Abarca will continue to provide full PBM services for the plan’s business lines for an additional three years.
“We are proud of all that First Medical and Abarca have been able to accomplish together over the past ten years,” concluded Francisco J. Artau Feliciano, president of First Medical Health Plan. “Our organizations are aligned with our mission to provide a better experience for the members we serve, and we are just getting started.”
To learn more about Abarca’s PBM services, visit abarcahealth.com
Abarca starts a revolution in the field of health. It started with a redefinition of drug benefits, but it’s just the beginning. It is built on the belief that there is a better way for people and businesses to work together, connect with each other, and make healthcare great for everyone. With smarter technology and a straightforward approach to business, Abarca delivers a much better experience and higher value for payers and consumers. For nearly a decade, they have defied many industry conventions and trampled on a few. So call them a PBM for discussion purposes, but they are unlike any other business. Join the revolution at abarcahealth.com.
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