Formulary Could Save a Half-Billion Dollars each Year, CWCI Reports

A state-mandated drug formulary in California could save employers and insurers from $102 million to $541 million annually while also ensuring injured workers receive prescription drugs that are medically appropriate for their condition, the California Workers' Compensation Institute reported Monday. Pharmaceutical spending is one of the fastest growing components of medical costs in the state's work comp system, having increased 144% to $953 million in 2012 from $390 million in 2002. Prescription drug payments increased 28% from 2011 to 2012 alone, and now account for about $1 out of...