What Can We Learn From The Medicare Drug Spending Dashboard? OPEN MINDS Report Provides A Detailed Summary Of The Data
Gettysburg, Pa. (May 1, 2016) — The Medicare Drug Spending dashboard was released by the Centers for Medicare and Medicaid Services (CMS) in December 2015 with the aim of making the cost of prescription drugs more transparent. After performing a thorough review of the dashboard data, the OPEN MINDS market intelligence team summarized the results in a recently released Market Intelligence Report. The report provides an explanation of the dashboard, as well as a breakdown of the most expensive drugs in several different categories.
As explained in the OPEN MINDS report, total spending on Medicare prescription drugs in 2014 had increased by 68% from 2009, with steady increases in spending on both Medicare Part D and Medicare Part B. The dashboard provides spending information on 80 of the 4,909 drugs available in the Medicare Part B and Part D programs. Of the total $143 billion Medicare spent on the Part B and Part D drug programs in 2014, the 80 drugs included on the dashboard accounted for 39%.
The market intelligence report states that the ten most expensive drugs selected for the Medicare Drug Spending Dashboard were all purchased by the Medicare Part D program. The drugs included on this list treat a wide range of conditions. However, the only antipsychotic included on the dashboard was Abilify, which is the fourth most expensive drug on the list. The OPEN MINDS team also reported that while the drugs included on this list have the highest spending, they only represent a small portion of the total Medicare drug spending.
For a detailed summary of the report, check out the article, What Does The Medicare Drug Spending Dashboard Tell Us?, which is available at no cost to the public. The OPEN MINDS Market Intelligence Report, “What Are The Most Expensive Medicare Prescription Drugs?” answers a number of important questions, including:
- What Is The Medicare Drug Spending Dashboard?
- What Are The Most Expensive Medicare Part B & Part D Drugs By Total Spending?
- What Medicare Part B & Part D Drugs Have The Highest Annual Per User Cost?
- What Medicare Part B & Part D Drugs Have The Highest Unit Cost Increases?
- What Medicare Part B & Part D Drugs Have The Highest Average Annual Beneficiary Out-Of-Pocket Cost?
Published weekly by OPEN MINDS’ team of experts, the Market Intelligence Reports are provided as a free resource to Premium & Elite members of the OPEN MINDS Circle. Click here for details on how to become a Premium or Elite member. The reports are also available for purchase in the OPEN MINDS store by clicking here.
OPEN MINDS is a national strategic advisory firm specializing in the sectors of the health and human service industry serving individuals with complex support needs: mental health; addiction treatment; children & family services; intellectual & developmental disabilities; chronic disease management; long term care; social services; correctional health care, reentry & diversion; and juvenile justice.
Founded in 1987 and based in Gettysburg, Pennsylvania, the 75+ associates believe by providing the latest market intelligence and management best practices to organizations serving the health and social support needs of the most vulnerable consumers, those organizations will be better able to provide efficient and effective services. Learn more at www.openminds.com.
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