The National Council on Compensation Insurance (NCCI) has released the findings of a recent study that delves into the issue of the cost of prescription drugs as related to workers’ compensation claims.
According to the study, prescription drugs accounted for 17% to 50% of the medical services paid for injured workers in 2014. Further, the study found that drug prices increased 11% in the same year, which was substantially higher than the 4% average of the previous 10 years.
The subject of prescription drugs is an active item in workers’ compensation legislation across the US, NCCI reported. The agency proposes to address the issue of the rising cost and proportion of drugs in workers compensation with the introduction of drug formularies across the US, according to the report.
A drug formulary is a list of prescription drugs by their generic and brand names which will help doctors find the best overall value for their patients. NCCI estimates that these formularies will reduce the cost of drugs by as much as 10%.
