State Adopts Sweeney Plan To Save $1.5 Billion In Prescription Drug Costs

State Adopts Sweeney Plan To Save $1.5 Billion In Prescription Drug Costs

New Jersey Senator Steve Sweeney’s innovative legislative plan used Truveris reverse auction technology to secure a new three year PBM contract. The new contract will cover more than 750,000 public sector health plan beneficiaries in New Jersey.

TRENTON – As the result of an innovative legislative plan developed by Senate President Steve Sweeney, the State of New Jersey has awarded a best-in-class pharmacy benefits contract that will save New Jersey taxpayers an estimated $1.5 billion on prescription drug spending over the next three years without imposing benefit cuts on state health plan beneficiaries. The state awarded a contract to use the “reverse auction” plan to administer prescription drug benefits for current and former public workers.

“This is a unique and innovative approach to purchasing prescription medicines. By adopting our plan, the State has realized enormous savings for New Jersey taxpayers without any additional costs to public employees, ” said Senator Sweeney, who worked on the initiative for the past 16 months in partnership with New Jersey public employee unions, government officials and America’s Agenda, a nonprofit health care coalition and think tank. “The online auction, powered by a cutting-edge technology platform, creates a dynamic, truly competitive marketplace in which PBMs bid and counter bid against one another for the State’s business. Think of it as an ‘eBay’ for PBMs.”

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Truveris Team