Newswise — PHILADELPHIA, PA, March 4, 2020 — Coriell Life Sciences was proud to accept the Excellence Award in the Cost Containment category at the Pharmacy Benefit Management Institute’s (PBMI) 25th Annual National Conference in Orlando, FL.
“Pharmacogenomics has evolved over the last decade and is becoming more utilized in drug benefit programs. We are thrilled to present Coriell Life Sciences (CLS) with this award for their Enterprise PGx program. This turn-key solution combines pharmacogenomic testing and medication review to help identify and ensure patients are on the right medication for them,” says Dr. Sharon Frazee, Senior Vice President of Research & Data Innovation for PBMI. “At PBMI, we want to make sure that organizations that are making exceptional contributions in the industry are recognized.”
“We are honored and excited to be listed among a very impressive list of past awardees as chosen by the clear industry leader and influencer on drug cost management,” says Coriell Life Sciences’ Chief Science Officer, Jeff Shaman.
In one example, the CLS program has shown tremendous success with a population of 36,000 members of the Teachers' Retirement System of Kentucky (TRS-KY). That program was predicated on the mission that:
- TRS-KY will reduce healthcare costs by implementing a program focused on improving medication safety and efficacy for its members.
- The program will utilize genetic testing and personalized therapy analysis delivered to physicians through expert pharmacist consultation.
In 2018 the Teachers’ Retirement System of Kentucky began offering pharmacogenomic testing and medication review through Coriell Life Sciences with its 36,000 members. With more than 8,000 members enrolled, the benefits to the members and the pension fund were clearly demonstrated.
In an analysis of healthcare claims data of those individuals who had undergone testing and review, the following were found:
- Incidents of medication-related medical events dropped by 29%.
- Total healthcare costs for those tested vs. a risk-normalized control group dropped by 12%.
- Hospitalizations were reduced by 29%.
- Overall pharmacy spend reduced by 11%.
- Patients reported 8 stars out of 5 in satisfaction surveys.
Coriell Life Sciences brings a depth of scientific expertise spanning six decades. CLS’ President and CEO, Scott Megill, explains, “We demonstrate a unique ability to execute commercially and can ensure success for state-run retirement systems like TRS-KY and responsible companies in charge of employee and member health and well-being. We have crafted our model to address what is right for the patient and the payer. CLS’s network of laboratories, software tools, and customer-focused resources stand at the ready.”
The Pharmacy Benefit Management Institute (PBMI) is the nation’s leading provider of research and education that informs, advises, and influences the industry on drug cost management.”
The Teachers’ Retirement System of Kentucky is a defined benefit retirement plan that pays a defined amount upon retirement based on length of service and final average salary of the employee, along with a retirement multiplier. TRS retirement eligibility is determined by the employee’s age and years of service. The service retirement annuity is a guaranteed lifetime benefit.
About Coriell Life Sciences
Coriell Life Sciences delivers the power of precision medicine. We are a trusted bioinformatics company that bridges the gap between genetic knowledge and clinical application to drive cost-effective healthcare solutions for laboratories, payers, systems, providers, and patients. Coriell Life Sciences sets the gold standard in genetic interpretation and reporting and offers the most comprehensive medication risk management program on the market. Visit coriell.com, email [email protected], or follow @CoriellLife.
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