
How AI, Analytics, and Collaboration Can Solve Specialty Drug Spending Challenges
Nicole Bulochnik, Abarca Senior Vice President of Drug Value Strategy, explained how AI, analytics, and cross-sector collaboration can transform specialty drug costs.
Blue Shield of California is cutting many of its ties with CVS Caremark (though not all) and adding four additional partners for its prescription drug benefits. These partners include Mark Cuban Cost Plus Drug Company and Amazon Pharmacy. The changes are needed to disrupt the current broken system, said Salina Wong, senior director of clinical pharmacy programs at Blue Shield of California.
Panelists at a recent pharmacy conference were optimistic about the future of value-based drug contracting. For example, one said that healthcare will be close to establishing a value-based formulary by 2030, and another said that longitudinal patient tracking will become a more important part the drug pricing process.
Panelists at a recent healthcare conference expressed optimism about the automation technology that health plans, pharmacy benefit managers and providers can adopt to facilitate real-time data sharing. They said that such technology has potential to improve medication adherence, reduce costs and save time for both providers and payers.
The contracts are complicated and full of risks for drug companies. But there's also a risk to steering clear of the arrangements -- reduced or restricted access to a company's medication.