A cooperative that has grown from three founding members in 2004 to 159 members in 2014 must be doing something right.
That cooperative is WisconsinRx/National CooperativeRx, which recently celebrated its 10-year anniversary with its members and their agents at an educational event in Wisconsin Dells.
The Secrets to Success
The Alliance was a founding member of National CooperativeRx and I have been honored to serve on the Board of Directors throughout its history.
From my perspective as a board member and the current board chairman, there are four key reasons for the emergence of National CooperativeRx as a major player in the pharmaceutical industry.
- Beating Trend. They have achieved an aggregate nine-year average annual trend of negative 0.7 percent. For 2013 alone, the overall trend was negative 0.8 percent. That means that it costs less per participant to provide pharmacy benefits than it did one year earlier, on average and cooperative-wide.
- Carrying It Forward. They just completed an extensive search and review process for its partner in pharmaceutical benefit management. CVS Caremark came out as the
winner in this process based on pricing, nationwide accessibility and value. The new three-year contract will deliver aggregate savings of 10 percent, which is conservatively estimated to add $36
million in savings for members.
- Continuing to Grow. They added 30 new members representing 27,115 participants in 2013. That gives the cooperative the continued strength needed to negotiate on behalf of its members.
- Focusing on Service. Instead of offering a one-size-fits-all solution, National CooperativeRx uses a consultative process to find solutions that meet the needs of members. Among its results is a generic dispensing rate that reached 80.1 percent in 2013.
A Cooperative Approach to Pharmaceutical Benefit Management
Like The Alliance, National CooperativeRx has succeeded by staying true to its mission as a not-for-profit organization founded and owned by participating members. That’s one more reason that The
Alliance continues to work with National CooperativeRx in a mutually beneficial relationship that delivers additional savings to Alliance members who choose to take advantage of this option.
National CooperativeRx works hard to achieve higher value in prescription benefits through volume purchasing, clinical solutions, actionable data and meeting the needs of its members. Here’s looking forward to another 10 years of delivering effective pharmaceutical benefit management to members!
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