Did you hear? Mostafa Kamal, chief executive officer, Magellan Rx Management, sat down with PCMA to talk about Magellan Rx, the journey to becoming a next gen PBM, and what the future of the industry looks like. If you haven’t listened yet, search for “The Pharmacy Benefit” wherever you listen to your podcasts and stream “How Technology Improves Patient Outcomes (Especially in the COVID-19 Age).”
Here are a few episode highlights:
- Magellan Rx solves complex pharmacy challenges. Our associates are the key ingredient to our success. We are always rolling up our sleeves and leaning into the challenges facing our customers and members, innovating and discovering opportunities to bring value to those we serve.
- Market leaders in Medicaid Fee-for-Service. As the pharmacy program provider for 26 states and Washington, D.C., we provide real-time claims processing and prior authorization administration. This means when a Medicaid member visits the pharmacy for a prescription, the pharmacy can pull up all the information it needs to process these claims right then and there – so simple, and SO important. States have strict budgets, and it’s important that Medicaid programs stay in budget. We help drive down costs to Medicaid plans, AND 100% of the rebates go back into the state.
- Pharmacy Benefits Management (PBM) can be confusing! While not everyone understands the complexities of the PBM industry, we play a very important role as we are at the nexus of caring for people, delivering innovative solutions and generating savings for the healthcare system.
- Disruptors in healthcare inspire innovation. Right now, inefficiencies in the healthcare system are evident as a result of COVID-19. We want a vaccine, treatment, better testing, and we want it three months ago. But look at what it has fueled – we’re now working faster and smarter than ever before to solve a global need.
- Our industry isn’t that different from others. Every industry has been forced to grow and pivot at light speed as a result of COVID-19 and while it probably shouldn’t have taken a global pandemic to spur some of these changes, we are seeing organizations evolve at a rapid pace.
- Medication adherence is everything. We can’t emphasize this enough. If people take their medications as prescribed, they can avoid costly ER visits, complications, and a whole host of other challenges. The issue is, solving this problem is not as easy as reminding people to “just take your meds.” Patients with chronic conditions are often impacted by social determinants of health. If money is tight and you’re working multiple jobs to stay afloat, taking your medications as directed is probably not #1 on your list.
- Personalized treatment is the future. Think about the progress we’ve made with gene and cell therapies. Imagine a world with personalized formularies based on your genetic code and how your body metabolizes medications being the new normal. Everyone is different and targeted treatments are the path forward; after all, don’t you want your medication(s) to work for your specific genetic makeup? Now that’s a game-changer.
Who’s excited to see what the future holds?! (we need something to be excited about in the middle of a pandemic so let’s choose the future of pharmacy and the major role our industry plays in this new world).