Retail News Breaks
Humana offers employers Walmart Rx Network option
April 13th, 2012
LOUISVILLE, Ky. – Walmart is the pharmacy provider in a new pharmacy benefits option offered to employers by health insurer Humana Inc.
Humana said Thursday that its Humana Pharmacy Solutions pharmacy benefit management (PBM) unit is offering employers up to 20% savings on the average prescription price if they use both Humana's new Rx4Value formulary and the Walmart Rx Network.
The Walmart Rx Network enables employers to select a Walmart-focused network for their employees to fill their prescriptions. It includes more than 4,400 pharmacies under the Walmart, Neighborhood Market, Sam's Club, Walmart Express and Walmart on Campus banners, as well as Humana's RightSource mail-order pharmacy.
The Walmart network is available now for self-insured employers and is slated to become available to fully insured employers later this year. According to Humana, the network offers self-insured employers an average of 10% savings on their annual average prescription price.
"At Walmart, we're committed to providing low-cost prescriptions and ensuring that people have affordable access to the medications they need to help them live healthier lives," John Agwunobi, president of Walmart U.S. health and wellness, said in a statement. "We are proud to team with Humana on this innovative benefit."
Humana's Rx4Value formulary replaces certain brand-name drugs with generic alternatives, saving self-insured employers an average of 15% on members' annual average prescription price, the company said.
Both the Walmart Rx Network and Rx4Value formulary options are available individually and can be combined for compounded savings. Humana that self-insured employers who select both options can save up to 20% on their annual average prescription price, meaning that a self-insured employer with 1,000 employees could achieve savings of as much as $400,000 per year.
The two options extend Humana's Average Script Price Guarantee, which guarantees up front the average cost that a client will pay across its prescriptions throughout the year.
"We're proud to offer a simple, cost-effective solution that helps employers better predict costs and save money," stated William Fleming, president of Humana Pharmacy Solutions. "Pharmacy is the most used health benefit, and providing new, unique pharmacy benefits services that best meet employers' and members' needs directly supports Humana's mission of helping people achieve life-long health and well-being."
More Retail News Breaks >>