FAQ

Introduction 

Challenged by increasing treatment costs, payers are seeking innovative methods for managing risk, reducing costs, and improving outcomes. PBMs are concerned with rising Medicare enrollments and the increasing acceptance of specialty drugs. Industry trends reveal greater collaboration and risk-sharing, while health organizations are providing more transparency with their data and pricing models.

Through the development of innovative solutions like risk-based contracting, cost-cutting through emerging technologies such as e-prescribing, and methods to achieve savings in pharmacy dispensing fees and drug acquisitions costs, PBM’s, Specialty Pharmacies, Payers and pharmacy service providers are taking a leadership role in helping contain costs and improving patient outcomes.

In this challenge, consider how your innovative solution can benefit all stakeholders—patients, specialty pharmacies, clinicians, manufacturers, and payers—across the patient care continuum.

 

What is the challenge is designed to do? 

Identify new and innovative concepts in pharmacy benefit management that can help stakeholders overcome cost barriers, and improve outcomes both clinically and economically. More broadly, the PBMI Challenge is designed to foster a patient-centric innovation community where multi-stakeholder discussions can build strong, robust challenge submissions leading to successful, life-changing processes, innovative technologies and advances in care delivery. The challenge seeks to bring people together (pharmacy benefit managers, patients, clinicians and payers) from across the healthcare ecosystem to identify challenges and opportunities to provide greater affordable access to lifesaving treatments while improving patient health management solutions.

 

Who can participate in the PBMI Challenge? 

The Challenge is open only to individuals who are 18 years of age or older as of the date of entry, except for the following: 

  • Employees, officers, and directors of the Pharmacy Benefit Management Institute or its subsidiaries or affiliates, and/or any member of their immediate family (i.e., a spouse, parent, grandparent, child or grandchild) or household of any of the foregoing individuals 
  • Residents of countries, states or other jurisdictions where such Challenges are prohibited 

How does the ChallengeWork? 

Submit your idea on the contest submission page. The Official Judges will vote after the submission deadline. 

Three finalists will be chosen by the official judges. Two finalists may be chosen at the sole discretion of PBMI, regardless of judge and crowd source voting. 

 

Do I need a FormalProject? 

No, your submission can be purely at the idea stage. You don't need to have started a company or have a prototype already. Just explain your ideas/plans in the submission form. 

 

What are the Judging Criteria? 

  • Practicality: Does the presenter clearly state the problem they are solving? How does their idea solve the problem and how will they evaluate how well their solution works? Can the idea be realistically implemented in today’s environment at a reasonable cost? 
  • Impact: We are looking for ideas that positively impact patient access, reduce the overall cost to the healthcare delivery system, and improve patient outcomes across the continuum.
  • Areas of focus:  Concepts that are focused on using digital health technology, patient engagement tools, innovative contracting strategies, and population health management solutions are of the most interest. 

Can I edit my entry after I submit it? 

You may edit your entry up until someone votes or comments on it. After that, you can communicate with the judges directly to expand and refine your idea. The judges will consider all of your responses as part of the overall submission. 

 

Can I submit more than one idea? 

Yes, you can submit as many ideas as you like. 

 

What do I win? 

Five finalists will be chosen to pitch their ideas on September 14, 2021 at the 2021 PBMI Annual Meeting before a panelist of judges. The winner will be featured in an upcoming issue of Managed Healthcare Executive as well a full-year integrated marketing program valued at over $100K.  The winner will additionally receive acknowledgement at this year’s meeting at the winner’s reception immediately following the event.

 

Do I keep my intellectual rights? 

Your ideas and concepts remain yours. Please remember that the submission platform is public disclosure. 

 

Will I have the opportunity to develop my idea with one of the challenge sponsors?

PBMI challenge sponsors will have the first right to work with the challenge winner to further develop the winning concept.  In the event there are multiple challenge sponsors, it will be the responsibility of the sponsors to determine how they will collaborate with the challenge winner.  PBMI will facilitate introductions of the challenge winner to sponsors who are interested in potential collaboration opportunities but not be involved in any decisions made by the challenge winner or sponsors. 

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