What pharma can give and gain on Medicare Part D

With all of the confusion surrounding Medicare Part D, pharma companies are uniquely positioned to take a leadership role in helping the many patients, caregivers and healthcare providers affected nav

By Editor on Jul 24, 2006

With all of the confusion surrounding Medicare Part D, pharma companies are uniquely positioned to take a leadership role in helping the many patients, caregivers and healthcare providers affected navigate the new system. In fact, according to Verispan, 94% of long-term care professionals expect pharma companies to help educate prescribers about Medicare Part D, while 54% expect help educating patients.

Long-term care providers say they would appreciate assistance with education on formulary design and prior authorization information, including explanations of what is covered by each plan. Healthcare professionals suggest that webcasts, online articles, continuing education programs, journal updates, brochures, teleconferences, live lectures and seminars organized and sponsored by pharma companies would be helpful.

The biggest challenge, long-term care providers say, is determining whether or not a drug is on formulary. And pharmacy providers say formulary compliance and having multiple formularies to contend with are a significant impact of Medicare Part D.

Verispan says some pharma companies are already assisting long-term care facilities and pharmacy providers with Medicare Part D by providing education and information for providers and patients, including for advisory boards, pharmacy directors and billing departments. Some companies also are providing copies of plan formularies to show if their products are covered and at what tier. And they are updating pharmacists, medical directors, directors of nursing and nurse practitioners.

Easing some of the burden of dealing with Medicare Part D offers the pharma industry an opportunity to outshine the federal government and endear itself to patients and healthcare providers. It's a classic win-win that pharma would be foolish to ignore or fail to deliver on.