The State of New Jersey School Employees Health Benefits Program (SEHBP) and State Health Benefits Program (SHBP) announced the results of a Pharmacy Benefits Manager bidding process using Truveris reverse auction technology.
State, policy holders save big with new online bidding process
Following a long advocacy effort, union representatives on the School Employees Health Benefits Program (SEHBP) and State Health Benefits Program (SHBP) design committees have won over $1.6 billion in savings over the next three years for their members and other New Jersey taxpayers.
In 2016, the union representatives on the design committees brought forward a proposal to dramatically change how the state bids for employees’ prescription drug benefits. While the state initially resisted the proposed change, the union representatives finally won state cooperation by demonstrating that New Jersey had the opportunity to save double digit percentage on its prescription costs without any changes to the benefits it offers employees. The change consists of using an online auction to make prescription drug benefit providers bid against each other in a transparent and much more competitive bidding process.