Xevant, a leading provider of healthcare analytics and technology solutions for the pharmacy benefit management industry, today announced the launch of its all-new GLP-1 Dashboard, designed to equip Pharmacy Benefit Managers (PBMs), payers, health plans, brokers and consultants with precise data and analytics to manage the skyrocketing costs associated with GLP-1 therapies more effectively.
GLP-1 therapies, while highly effective, come at a cost. The rapid adoption of these treatments has led to unprecedented increases in prescription spending. PBMs, along with consultants, are under pressure to manage these expenses while maintaining quality care for patients. Xevant’s data shows that, between 2020 and 2024, GLP-1 costs among their clients increased by an astounding 1,119 percent, far outpacing overall drug spending, which rose by about 90 percent during the same period. Xevant’s GLP-1 Dashboard offers a breakthrough solution by delivering real-time, detailed insights into these therapies' cost, utilization, and efficacy.
Solving the Challenges of GLP-1 Therapy Management
As of June 2024, GLP-1s represented approximately 11 percent of total plan costs among Xevant’s client population, compared to just 2 percent in June 2021. This staggering rise in GLP-1 spend, doubling nearly every year, highlights the necessity of a comprehensive reporting tool. The new GLP-1 Dashboard is the first in the market to offer such an in-depth analysis of GLP-1 utilization and costs. Brandon Newman, founder and CEO of Xevant, explains the significance of this launch: “PBMs, health plans, and consultants face mounting challenges when it comes to controlling the rising costs of GLP-1 therapies. Until now, there has been no comprehensive solution for tracking utilization and assessing cost-effectiveness in real-time. Our GLP-1 Dashboard delivers the data and insights they need to make smarter, faster, and more impactful decisions.”
The GLP-1 Dashboard will provide PBMs and consultants with the granular data to make informed, data-driven patient care and cost management decisions. Key features include:
- Cost Control: Monitor and manage GLP-1 therapy costs with comprehensive monthly spend data, helping organizations identify and mitigate high-cost cases.
- Utilization Insights: Analyze patient counts and prescription trends, allowing PBMs and consultants to track adherence, manage patient behaviors, and fine-tune their benefit designs.
- Data-Driven Decisions: Gain actionable insights into prescribing patterns, patient demographics, and adherence, ensuring that healthcare providers are offering the most effective therapies while staying cost-efficient.
- Enhanced Client Retention: Improve your value proposition with a user-friendly, data-rich platform that helps attract new business and retain existing clients by offering unparalleled transparency and strategic advice.
“Over the past four years, across our book of business, we’ve seen GLP-1 utilization surge by 681 percent, compared to a modest 3 percent increase for overall medication utilizers. With Xevant’s GLP-1 Dashboard, PBMs now have the data to tackle this explosive trend," continued Brandon.
Sahily Paoline, Chief Clinical Officer at Xevant, adds, “The introduction of this dashboard will revolutionize how PBMs and consultants manage GLP-1 therapies. It allows them to negotiate better rates, optimize benefit designs, and provide their clients with more value-added insights. Ultimately, this contributes to better health outcomes for patients and cost-efficiency for organizations of all sizes.”
About Xevant
Xevant’s revolutionary data analytics platform infuses real-time automation across the entire pharmacy benefits ecosystem, driving the lowest net costs and improving overall health. With a focus on customer success and a commitment to innovation, Xevant is the partner businesses of all sizes trust to transform their pharmacy benefit and reporting practices for more proactive, efficient benefit management that delivers results in a fast-changing pharmacy landscape.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241009023144/en/
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Press Contact
Cassaundra Kalba
xevant@society22pr.com
