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HARTFORD, CT, September 22, 2008 — Aetna (NYSE: AET) announced that the HR Policy Association, which represents 250 of the largest U.S. employers, re-certified Aetna's pharmacy benefit management organization for again meeting the HR Policy Association Pharmaceutical Coalition's transparency standards, which provide employers with the most rigorous level of drug purchasing transparency available in the marketplace.
Through the Coalition's Transparency in Pharmaceutical Purchasing SolutionsSM (TIPPSSM ) initiative, employers determine a standard definition of transparency and annually certify organizations that agree to TIPPS standards. In 2005, the coalition certified Aetna Pharmacy Management as one of only three PBMs certified to meet the coalition's stringent transparency test to help employers determine the true cost they pay for their prescription drugs. Aetna has maintained its certification ever since.
"As one of the first PBMs to be recognized by HR Policy for our commitment to transparency, we are pleased that such a highly respected organization continues to distinguish us for our efforts to help our customers provide their employees quality, affordable prescription drug benefits," said Rob Gallé, Chief Operating Officer, Aetna Pharmacy Management. "We've maintained our commitment to transparency over the last four years and are honored to be recognized by an organization who shares our belief that customers and members need access to cost and quality information to help them make informed decisions about their health."
The TIPPS standards promote contracting that makes it easier for employers, their beneficiaries and dependents to understand the true price of a drug. TIPPS standards also are designed to ensure pharmacy benefit services are structured to encourage the use of the most cost-effective, clinically appropriate drug available. To be certified, Aetna agreed to:
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Provide employers the acquisition cost for brand and generic drugs dispensed at retail pharmacies;
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Provide employers acquisition-based pricing for brand and generic drugs delivered through mail service;
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Disclosure and passing through all revenue from drug manufacturers that relates to utilization under an employer's contract;
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Provide acquisition cost and the same level of transparency for especially costly specialty pharmacy drugs; and
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Allow rigorous audit rights to ensure compliance with the TIPPS standards.
About the HR Policy Association
HR Policy Association is a public policy advocacy organization representing the senior human resource executives of more than 250 leading employers doing business in the United States. Collectively, its members employ over 12 percent of the U.S. private sector workforce or some 19 million Americans. Due to extreme concern over skyrocketing health care costs in the United States and deficiencies in efficiency and quality, the Association has been working through its public policy agenda and market reform initiatives to address the problems that plague our nation's health care system.
About Aetna
Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 37.2 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. www.aetna.com
Transparency in Pharmaceutical Purchasing Standards and TIPPS are service marks of Health Care Policy Roundtable, LLC.
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