The True Cost of Pharmacy
Mark Morgan
President, Sherill Morgan
This week we’re joined by Mark Morgan, President of Sherrill Morgan. He explains pharmacy costs, which includes why pharmaceuticals are priced the way they are and how pharmacy programs work today. He further elaborates on the space between the average wholesale price (AWP) and the maximum allowable cost. This gap allows for arbitrary costs to be determined by a pharmacy benefit manager (PBM). Mark shares how to address or avert the PBM situation. He also provides insight into multiple ways to save when purchasing pharmaceuticals.
Mark Morgan
President, Sherill Morgan
Summary of Qualifications
As the founder of Sherrill Morgan’s group health division, Mark has paved the way in developing a systematic approach to healthcare benefits for governmental clients. Understanding that an innovative approach is necessary to stay ahead in the healthcare industry, Mark has helped Sherrill Morgan to develop its self-funding division which allows employers (especially government agencies) to have a measure of control over their healthcare costs.
Responsibilities
Mark's responsibilities include developing and implementing innovative strategies to assist self-funded employers in reducing healthcare costs. Currently, these innovative strategies include multi-employer pools to manage risk, new pharmacy programs to mitigate costs, and alternative contracting arrangements to benefit the employer and employees.
Business Experience
Mark has been with Sherrill Morgan for over 30 years and has witnessed and adapted to the changing nature of the healthcare industry. During his time at Sherrill Morgan, he has helped the business grow from an insurance agency focused primarily on life insurance into an employee benefits firm offering consulting services on health and ancillary products. He has also developed and is the Chief Executive Officer of Employer Advisory Services (EAS), a subsidiary of Sherrill Morgan. EAS assists hospitals, third party administrators, and other health plan providers by using cutting edge best practice services including Transparent Pricing Arrangements, Specialty Drug Acquisition, and OwnRx®.
Education
Mount Vernon Nazarene University
