AmWINS Group Benefits introduced a new product to help self-insured clients manage risk on the rising costs of specialty pharmaceuticals.

The Rhode Island-based distributor of employee benefits and professional services said its Specialty Pharmacy Protection product can help employers with self-insured health plans from “financially devastating” pharmacy claims.

Noting the growing trend of the use of specialty pharmacy programs to treat conditions ranging from Hepatitis C to severe combined immune deficiency, drug prices can range from $5,000 to $300,000 per year, per employee, AmWINS said. In response, AmWINS’ new product, administered by IdealScripts, not only provides coverage for pharmaceuticals, but also includes ongoing care management.

“The recent and projected market growth fueled by first-in-class products poses an elevated financial threat to self-funded employers – and unlike other prescription drugs, there are currently no generic alternatives for specialty drugs,” said Samuel H. Fleet, president of AmWINS Group Benefits, in a statement. “Our clients are looking for a solution and this is it.”

Other benefits of the Specialty Pharmacy Protection program include effective formulary and plan designs covering the majority of disease states; clinically appropriate access to high quality care for employees; and progressive Utilization Management maintaining appropriate dosing measures, thereby reducing waste and preventing misuse, according to the company.