by Navy Yard
September 16, 2022
Categories: Community, Health & Wellness, Tenants,
Congratulations to Coriell Life Sciences on earning their second Pharmacy Benefit Management Institute (PBMI) Excellence Award for Cost Containment om honor of their Corigen® Medication Safety Program, which eliminates a root cause of healthcare waste—medications that are harming people instead of helping them—and in turn reduces needless healthcare costs in a major way.
Coriell Life Sciences is headquartered in the Navy Yard is a precision medicine genetics company using genetic science and research to improve lives, reduce healthcare costs, and simplify decision-making for their customers throughout the United States and around the world.
From the Coriell Life Sciences award announcement:
“This award speaks to the fact that Corigen is not only the most comprehensive pharmacogenomics (PGx) offering on the market, but also one of the most impactful,” says Jeffrey A. Shaman, Chief Science Officer at Coriell Life Sciences, who was also selected as a speaker for the event. “When individuals and their physicians are empowered to avoid medications that are ineffective or unsafe based on their DNA and other personal factors, the measurable economic, clinical, and humanistic benefits are all quite significant.”
These benefits are illustrated in a peer-reviewed study published in the Journal of Personalized Medicine. The research examined the real-world outcomes of a Corigen implementation with a group of 5,288 Medicare Advantage members over 32 months. Findings included:
- Lower rates of healthcare resource utilization. Among participants, inpatient visits decreased by 14.9%, Emergency Department visits decreased by 6.8%, and outpatient visits decreased by 1.9%.
- Millions of dollars in cost savings. Driven by a decrease in Emergency Department visits and inpatient hospitalizations, direct medical charges were reduced by approximately $7,000 per member for a cumulative savings of more than $37 million over 32 months.
Payers everywhere are struggling with the rising costs of care. By eliminating a root cause of healthcare waste—medications that are harming people instead of helping them—we can reduce these costs in a major way,” notes Dr. Shaman.
Corigen, which was also honored with the PBMI Excellence Award for Cost Containment in 2020, is a turnkey PGx solution for employers, health plans, pharmacy benefit managers, and other large populations. It includes everything from population analytics (identifying high-risk, likely-to-benefit members) to member engagement, DNA testing, pharmacist consultation, physician engagement, and reporting.
Learn more about the Corigen Medication Safety Program here.