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.
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