The Pharmacy Benefit Management Institute (PBMI) is launching a new competition to encourage innovation in pharmacy benefit management. The PBMI Innovation Challenge is a unique opportunity to identify new and innovative concepts in pharmacy benefit management that can help stakeholders overcome cost barriers and improve outcomes both clinically and economically.
Challenge submissions will be accepted until July 30, 2021. Final judging of the 2021 PBMI Innovation Challenge will take place on September 14, 2021 at the PBMI 2021 Annual Meeting in Orlando, Florida.
Brian Haug, Executive Vice President of Healthcare at MJH Life Sciences™, parent company of PBMI, noted that the challenge is designed to foster a patient-centric innovation community where multi-stakeholder discussions can build strong, robust challenge submissions, ultimately leading to successful, life-changing processes, innovative technologies, and advances in care delivery.
“Growing concerns surrounding rising Medicare enrollments and the increasing acceptance of specialty drugs are among the top pain points for pharmacy professionals. Through this challenge, we look forward to the development of innovative solutions like risk-based contracting, cost cutting through emerging technologies, and methods to achieve savings in pharmacy dispensing fees and drug acquisitions all in an effort to help contain costs and improve patient outcomes,” said Haug.
Check out the PBMI Innovation Challenge website to submit ideas and view the competition rules. An explanation of the idea is needed for the challenge; however, candidates do not need to have created a business or prototype at this stage. Ideas for innovative solutions should positively impact patient access, reduce the overall cost to the healthcare delivery system, and improve patient outcomes across the continuum.
Three finalists will be chosen by a combination of crowd voting and the scores of the official judges. Voting will be open to the public on the PBMI Innovation Challenge website. Public votes will be combined with judges’ scoring to determine three finalists. Additionally, two finalists will be selected at the sole discretion of PBMI. The submissions are evaluated based on three points of criteria: practicality, impact, and areas of focus.
All five finalists will have an opportunity to pitch their ideas on September 14, 2021 at the 2021 PBMI Annual Meeting before a panelist of judges. The winner will be selected and receive acknowledgement at this year’s meeting at the winner’s reception immediately following the event.
At stake are opportunities for the winner to be featured in an upcoming issue of Managed Healthcare Executive as well as a full-year integrated marketing program valued at over $100K.
For a full breakdown of the PBMI Innovation Challenge, including competition rules, FAQs, and prizes, click here.
Abigail Ballou, Alexandra David, Shreya Iyer and Casey Nugent contributed to this story.
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