Bank of America Spends $250 Million a Year on GLP-1 Drugs for 211,000 Employees
Updated
Updated · CNBC · Aug 5
Bank of America Spends $250 Million a Year on GLP-1 Drugs for 211,000 Employees
1 articles · Updated · CNBC · Aug 5
Summary
$250 million-plus of Bank of America's annual healthcare budget now goes to GLP-1 weight-loss drugs, CEO Brian Moynihan said, up from zero four or five years ago.
More than $2 billion is set aside for healthcare overall, so GLP-1 medicines account for about 13% of spending as employers nationwide wrestle with surging demand and high per-patient costs.
Moynihan said the bank still views the drugs as a worthwhile investment because of employee weight loss, health coaching support and emerging evidence of fewer cardiovascular events.
Bank of America is also pressing drugmakers and pharmacy benefit managers for lower prices, even as it accepts that some workers may leave before the bank captures long-term savings.