Prime Therapeutics (Prime), a thought leader in pharmacy benefit management, has met high standards of pharmacy cost transparency, earning it 2010 Transparency in Pharmaceutical Purchasing Standards(SM) (TIPPS) certification from the HR Policy Association.
TIPPS certification is given annually to pharmacy benefit managers (PBMs) that have agreed to provide pharmacy cost information to the association's 60 member companies, which purchase pharmacy benefits for more than five million Americans. For 2010, Prime was one of just five PBMs that agreed to additional transparency in mail service pharmacy pricing.
"TIPPS certification is an important recognition for Prime," said Kim Mageau, interim president and chief executive officer. "We believe that Prime's additional commitment to aligning with our clients at mail as well as retail demonstrates our intent to deliver the lowest possible cost of care. TIPPS certification validates that, as a PBM, Prime provides plan sponsors and members with the tools and resources they need to achieve the greatest health for every dollar spent on the pharmacy benefit."
The TIPPS program requires PBMs to provide transparency in acquisition costs, mail service costs, pass-through of pharmacy revenue, specialty pharmacy drug costs, and plan management and consumer engagement efforts. Participating PBMs also grant the association the right to audit the organization in these areas. TIPPS standards have been evaluated annually since the program was launched in 2005. This is Prime's third consecutive year of TIPPS certification.
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