Thousands of Managed Care Professionals Address Complex Issues at AMCP Nexus 2024

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AMCP Membership

More than 2,500 managed care pharmacy professionals from health plans, PBMs, pharmaceutical manufacturers, and other managed care organizations convened in Las Vegas, NV from Oct. 14–17 for AMCP Nexus 2024, the industry’s premier fall meeting. Attendees connected with like-minded professionals, discussed the key trends impacting their work, and expanded their perspectives through leading-edge education sessions.

"For health care to succeed in this country, the managed care pharmacy community has to take a leadership role, pushing for smart solutions that benefit patients." - AMCP CEO, Susan Cantrell, MHL, RPH, CAE

The event featured energetic speakers from across all areas of managed care pharmacy and some timely and insightful outside perspective in a keynote address from award-winning 60 Minutes correspondent and author Scott Pelley who spoke to the importance of remaining true to your values during times of uncertainty.

 

 

That energy extended into the 30-plus education sessions, where industry experts explored matters and developments in the managed care pharmacy industry and policymaking circles. From learning about the transformative potential of AI, understanding state and federal issues, and reviewing the web of contributing factors to health disparities, we covered a lot of ground and enjoyed hearing viewpoints from all corners of managed care. You can now access our top session on-demand on AMCP Learn. 

In-between these discussions, attendees were intentionally offered the chance to network and connect with other attendees through committee meetings, one-on-one discussions leveraging AMCP Partnering, and the Residency and Fellowship Showcase, among others. Nexus is the embodiment of AMCP’s role as a convener of diverse stakeholders, that includes students and residents, biopharmaceutical and medical professionals, health care consultants, and managed care pharmacy professionals at health plans, PBMs and IDNs, fostering open dialogue and a space to share ideas, concerns, and questions. 

With such a strong showing, Nexus 2024 was the most interactive and connected event we’ve hosted to date. Between AMCP members sharing learnings and networking on social media, to meeting up at the AMCP Hub in the expo hall or taking a selfie in the AI photo booth, attendees and AMCP members were more connected than ever before.

When attendees weren’t interacting with each other, or AI, they explored the present and future of managed care pharmacy with over 50 exhibitors presenting the latest innovations and products designed to enhance patient outcomes, along with more than 300 posters covering the latest industry research.

While many milestones were celebrated during Nexus, we were particularly proud to roll out the publication of AMCP’s second annual Access, Affordability, and Outcomes: The Value of Managed Care Pharmacy while we were assembled in Las Vegas. With new data and insights, the report affirms the importance of the industry and helps illustrate the positive impact AMCP members have on America’s health care ecosystem and patients. It was great to see such strong demand for the report via downloads at the conference and we know it will remain a central part of our education and advocacy in the coming months as well.

We emerged from Nexus buoyed by the energy and enthusiasm from AMCP members and stakeholders in attendance, excited to keep working on the issues on our agenda and eager to learn more about emerging trends just underway. To close things out for now, here’s a quick rundown of the key takeaways we heard from participants at our sessions this Nexus! Miss a session? They are now available on AMCP Learn.

Top 10 Takeaways From Nexus 2024 Sessions 
  1. The biosimilar market continues to evolve with 57 approved biosimilars for 17 reference biologics, projected to save between $38 billion and $124 billion from 2021 to 2025. 
  2. Economic burden across all racial and ethnic groups is estimated at $1.03 trillion for excess morbidity and $975.7 billion for mortality among adults ≥ 25 years. 
  3. Global oncology spending in 2023 reached $223 billion and is projected to grow to $409 billion by 2028, with 55% of new cancer drugs launched in the past year priced over $200,000 annually, and the median cost for new oncology drugs in 2023 at $298,628 per year.
  4. As of Oct. 1, 2024, 16 biosimilars have been approved and at least an additional 43 more are expected to gain approval in the next three years. 
  5. The median annual costs of novel medicines exceeded $150,000 in the U.S. in 2023. 
  6. National spending for the GLP-1 Semaglutide totaled $10.7 billion in 2021 and increased 300% between Q1 2020 and Q4 2022. 
  7. For Contract Year 2025, CMS determined that new interchangeable biological products can be immediately substituted for a reference product, with notification of the change provided to affected enrollees afterward. 
  8. Beginning in 2025, Part D sponsors are required to provide all enrollees the option to pay their out-of-pocket drug costs in monthly amounts over the plan year, rather than in full at the point-of-sale. 
  9. Prescription Drug Affordability Boards (PDABs) are independent bodies designed to analyze the causes of high prescription drug costs and make recommendations to the state to lower spending. 11 states have created PDABs since 2019, while 13 others introduced legislation this year. 
  10. Under the Medicare Part D Manufacturer Discount Program, participating manufacturers are required to provide discounts on their applicable drugs in the Initial Coverage and Catastrophic Coverage phases of the Part D benefit.
AMCP Nexus 2024 Sponsors

Following the success of AMCP Nexus 2024, AMCP members and others working in managed care pharmacy have turned their eye towards the highly anticipated AMCP 2025, which will be held in Houston, Texas March 31–April 3. Managed care pharmacy’s largest and most impactful annual meeting is poised to be an epic celebration of the industry. 

Sponsorship and exhibiting opportunities are already available and registration opens on December 10 for AMCP members and Dec. 12 for non-members. Become an AMCP member to receive substantial savings off conference registration, $1,000 for student members and up to $400 for managed care pharmacy professionals. 

View the full Nexus 2024 photo album on Facebook.  

If you would like to be notified when registration for AMCP 2025 goes live, sign up below!

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Jay Silver

 

Jay Silver
Content Specialist, Marketing
Published on November 14, 2024

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