To conduct a reverse auction, the state created a general base plan and let the competing companies submit detailed proposals. An algorithm, run by a third party, then determined which would be cheapest
The savings will most likely be close to $5.5 million each year for the next five years, which is about an 11% reduction, said Skip Miller, a state employee and president of Colorado WINS. There may be some changes in the cost of specific drugs, but the format of the reverse auction prevented bidders from shifting significant costs to employees, he said.
Optum RX, an affiliate of UnitedHealthcare, held the pharmacy benefit manager contract for the state for years, but lost out in the reverse auction to MedImpact, a smaller company based in San Diego., based on the type and amount of prescription drugs that state employees and their families were expected to use. The companies could then tweak their proposals and submit them again, to try to win with the lowest bid.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
$3.4M fine proposed over 2021 California oil pipeline leakA federal agency is proposing a nearly $3.4 million fine for an energy company over a 2021 oil pipeline spill that fouled Southern California beaches
Read more »
Richmond police officers cleared in 2021 death of Ivan Gutzalenko after being arrestedThe amount of force Richmond police used against a 47-year-old man who died shortly after being arrested in 2021 was 'reasonable given the circumstances,' according to a report released Tuesday by the Contra Costa County District Attorney's Office.
Read more »
$3.4M fine proposed over 2021 California oil pipeline leakA federal agency is proposing a nearly $3.4 million fine for an energy company over a 2021 oil pipeline spill that fouled Southern California beaches.
Read more »
Inflation rate falls below 5% for first time since June 2021Prices rose at the slowest rate in two years amid the Federal Reserve's ongoing series of interest rate hikes.
Read more »
Annual inflation cooled last month to the lowest level since April 2021 | CNN BusinessIt's been a two-year slog of enduring painfully high prices, but the light at the end of the tunnel just got slightly brighter for consumers.
Read more »
Used Nissan Qashqai Review - 2021-presentRead the definitive used Nissan Qashqai 2021 - present review from What Car?. We tell you what you need to know before you buy.
Read more »