New 2024 Pharmacy and Drug Report Available Now

June 21, 2024

C2 Solutions Issues Annual Pharmacy and Drug Trends Report

Grand Rapids, Michigan – C2 Solutions, a collective of member firms focused on finding collaborative solutions in the rapidly evolving employee benefits landscape, has released its 2024 Pharmacy and Drug Trends Report which provides insights into the current challenges and emerging trends shaping the pharmacy and pharmacy benefit managers (PBM) space.

Based on the experience of C2 Solutions’ member firms between 2021 and 2022, some of the key takeaways from this year’s report include:

Nearly 30% of adults report they don’t take their medications as prescribed because of cost.
On average, 20% of healthcare spending by employers and plan sponsors was allocated to prescription drugs — with some employers reporting percentages as high as 50%.
The top 10 traditional drugs accounted for a third of traditional drug expenditures and 15% of overall drug spending — with diabetes therapies dominating the category.
The top 10 specialty drugs accounted for about half of specialty drug spending and 25% of overall gross drug spending — with drugs for inflammatory conditions remaining dominant in this segment.
While the utilization drivers for traditional drugs remained stable and are expected to stay that way, future changes on the specialty drug front are more likely due to limited utilization, which is just over 1% of total claims volume.

Drug expenditures increased 4% nationally during the period covered in the C2 Solutions Report, however, the overall spending for C2 Solutions member firms decreased by 4.3%. According to Kristen Boyd, Executive Director at C2 Solutions, “The downward trend in drug spending among the clients of C2 firms demonstrates the firms’ expertise in managing pharmacy expenditures and the benefits of finding solutions through collaborative resourcing.”

About C2 Solutions

C2 is an equity-owned partnership focused on collaborative solutions in the rapidly evolving landscape of employee benefits. As a collective whose member firms maintain independent ownership, we represent a refreshing approach to the impersonal strategy of national consolidation.

As a collective benefits organization, C2 fosters direct, open collaboration with each of its member firms, hosting cross-training opportunities, encouraging peer-group sharing at the leadership level and offering open access to vital industry tools.

While the majority of the marketplace is served by public firms with little ability to offer unique products and services, C2 member firms stay true to their roots, serving the specialized needs of their respective regional client bases while providing the latest solutions and strategies through collaborative resourcing.

C2 Solutions member firms include Conner Strong & Buckelew, Holmes Murphy, M3 Insurance, McGohan Brabender, Scott Insurance, Sterling Seacrest Prichard and The Partners Group.

To learn more about C2 Solutions, its member firms and products visit poweredbyc2.com.

About Conner Strong & Buckelew
Conner Strong & Buckelew is among America’s largest insurance, risk management and employee benefits brokerage and consulting firms. The firm is an industry leader in providing high-risk businesses with comprehensive solutions to prevent losses, manage claims, and drive bottom line growth. Its employee benefits practice focuses on providing best-in-class benefits administration, health and wellness programs and strategic advisory services.

Founded in 1959 with offices in New York, New Jersey, Pennsylvania, Georgia, Massachusetts, Florida, and Delaware, Conner Strong & Buckelew has a team of 500+ professionals, serving clients throughout the United States and abroad. For more information, visit www.connerstrong.com or follow us on LinkedIn (@ConnerStrong&Buckelew), Facebook (@connerstrongbuckelew) and Instagram (@connerstrongbuckelew).