Truveris helps New Jersey save $1.5 billion on drug plan costs
Truveris is helping the State of New Jersey achieve an estimated $1.5 billion in drug plan savings with the TruBid technology platform.
New Jersey becomes the first state government to use Truveris’ TruBid® drug cost savings technology platform to save an estimated $1.5 billion in a three-year contract with a new pharmacy benefits manager (PBM). Collaboration and cooperation between the legislature, unions and the State on behalf of the taxpayers of New Jersey was essential in opening up an enormous opportunity which will result in substantial cost savings for prescription drug programs offered to multiple employee populations covered by the State.
The state announced its selection of a new PBM following a reverse auction conducted using the Truveris TruBid® platform. The reverse auction included multiple bidders, all of which were provided historical data on nearly 11 million prescriptions covered by the state in 2016.
“It’s difficult to control costs or negotiate better contracts without pricing transparency. New Jersey has multiple contracts which makes that challenge even greater. We are very excited that the State was able to exceed its initial savings goal using our technology. Working across the State’s multiple benefit plans demonstrates the versatility and scalability of our team and technology.”
-Faisal Mushtaq, President and CEO of Truveris
Traditionally, selecting a new vendor can take more than six months. By leveraging Truveris’ bidding technology platform, the State concluded the entire process in less than two months.
Truveris will continue to apply its technology for the State through its TruBid Ongoing Bill Review solution to help ensure that the State’s selected vendor is delivering on the contractual commitments made to the State during the bidding process.
Truveris’ employer clients save an average of 12% on their drug benefit plans.
Sign up using the form to learn more about how Truveris brings transparency to the prescription drug ecosystem through data-driven innovation.
100% of Truveris’ clients save on their drug benefit coverage.
Find out how you can save: