WCRI Sees Significant Potential Savings from Formularies

States could reduce their total workers' compensation prescription drug costs by anywhere from 2% to 29% simply by implementing a formulary similar to what Texas regulators adopted in 2011, according to the Workers Compensation Research Institute. The greatest potential for savings is in states where physician dispensing is relatively uncommon or is outright prohibited, and where brand-name drugs account for a larger percentage of prescriptions, WCRI policy analyst Vennela Thumula said during a webinar Thursday. Prescriptions for drugs not included in the Texas formulary dropped by 7...