The AEPC Executive Committee unanimously voted to accept the 2020 Market Check evaluation report presented by Remedy Analytics at its May 7, 2020 meeting held via Zoom. The annual Market Check, negotiated by AEPC with CVS Health for its prescription drug program, gives AEPC the right to annually renegotiate financial terms (“market check”) to take advantage of pricing improvements in the pharmacy market since the March 2019 contract effective date. This assures that AEPC member organizations continuously get the maximum value for their prescription drug dollars.
The 2020 report projects savings in excess of $7.7 million for AEPC member organizations, effective July 1, 2020 through June 30, 2022. These savings are over and above the pricing improvements already included in the current AEPC-CVS Health contract that is saving in excess of $93 million compared to previous pricing.
The 2020 report projects savings in excess of $7.7 million for AEPC member organizations, effective July 1, 2020 through June 30, 2022. These savings are over and above the pricing improvements already included in the current AEPC-CVS Health contract that is saving in excess of $93 million compared to previous pricing. The Market Check evaluation is based on a detailed analysis of current market conditions which includes:
- Analysis of AEPC claims history with CVS between 1/1/19 – 12/31/19.
- Comparison of CVS pricing terms and conditions currently available in the market as measured on an aggregate basis available for plans of similar size, plan design, and utilization.
- Evaluation, using Remedy Analytic’s PharmaLogic proprietary tool, of initial pricing offers and reconciling their value and the resulting savings from CVS in the retail, mail, and specialty drug categories, including rebates.
If you have any questions, please contact AEPC President Suzanne Daniels using the contact information below.
AEPC is a labor-management coalition established in 1993 to develop high-quality, value-based purchasing programs which have allowed employers and organized labor groups to save tens of millions of dollars on negotiated benefits such as prescription drugs. Over 30 organizations with over 270,000 lives participate in AEPC programs.
Remedy Analytics is a medication-centric data analytics company that harnesses raw claims data to empower employers and employees to make informed decisions that reduce costs, create efficiencies and improve outcomes. Remedy’s clients include sophisticated payers of PBM services in technology, financial services, telecommunications, utilities, media, insurance, retail, unions and government sectors. Remedy is the only company in the prescription benefits space whose technology, methodologies, and actuarial savings outcomes are certified by the Intel-GE Validation Institute.
Suzanne Daniels, Ph.D.
P.O. Box 1416
Birmingham, MI 48012
Office: (248) 792-2187
Email: [email protected]