Mastering Pharmacy Costs: Strategies from Austin Nabor

If soaring pharmacy costs and complex drug management are challenging your benefits strategy, this episode provides practical ways to optimize spend and improve outcomes without compromising employee care. Resources Mentioned: 2026 On the Pulse Report⁠: Insights on Employee Benefits Trends – Download this free report for forward-looking trends in employee benefits, including data-driven funding shifts, healthcare costs, and mid-market strategies. Visit imacorp.com to connect with the IMA team and learn more about building smarter employee benefits. Listen and Subscribe: Share this episode with a fellow HR leader and subscribe to On the Pulse with IMA on your favorite podcast platform for more practical insights. Have questions or topics you'd like covered? Reach out via imacorp.com. Episode Description: Kelly Bowman sits down with Austin Nabor, Pharmacy National Director for the IMARx Program at IMA Financial Group, to tackle the pressing challenges in pharmacy benefit management. Austin explores rising drug costs, the impact of GLP-1 medications, and effective strategies for evaluating pharmacy benefit managers (PBMs). He shares actionable advice on implementing cost-containment measures, optimizing specialty drug management, and balancing access with financial sustainability. From navigating prior authorizations to integrating wellness programs for long-term savings, this conversation delivers insights for HR leaders aiming to control pharmacy spend while supporting employee health. Whether you're dealing with double-digit increases or seeking innovative funding models, Austin's expertise offers a roadmap to smarter decisions. Guest Bio: Austin Nabor, Pharm.D., serves as the Pharmacy National Director for the IMARx Program at IMA Financial Group. With deep expertise in pharmacy benefit management, he guides employers in controlling escalating drug prices through targeted strategies and efficient programs. Austin focuses on helping organizations achieve meaningful savings while maintaining high-quality care, drawing from his experience in cost management, PBM evaluations, and innovative pharmacy solutions. Host: Kelly Bowman Key Timestamps: 00:00: Introduction to pharmacy cost challenges and rising trends 01:20: Show intro and welcome 02:05: Austin introduces himself, his role at IMA, and a fun fact 03:15: Personal chit-chat on healthcare innovations 04:10: Defining current pharmacy spend issues and their evolution 06:00: Shift to strategic cost management approaches 07:00: Impact on budgets, employee access, and tailoring strategies to company size 08:30: Common pitfalls: Ineffective PBM contracts, with real-world examples 10:50: Client story on implementing GLP-1 coverage for better outcomes 13:15: Measuring success: ROI on pharmacy programs, claims analysis, and savings metrics 15:55: Designing strategies for diverse workforces, with specialty drug examples 19:25: Communication trends, tools, and using data to promote pharmacy benefits 21:25: Misconceptions about drug cost control 22:30: Bridging HR needs with finance priorities, plus biosimilar adoption example 24:00: PBM evaluations and setting realistic goals 26:00: Mindsets holding employers back: Over-reliance on traditional models 28:30: Upcoming trends: Oral GLP-1s and value-based contracting 29:45: Rethinking high-cost drug support through targeted interventions 31:55: Building a culture of cost-aware benefits from leadership down 33:30: Role of technology, analytics, and personalization in pharmacy management 34:40: Branding pharmacy initiatives for employee buy-in 34:55: Must-have strategy for 2026: Aggressive PBM optimization 35:40: Advice for organizations: Analyze claims data, partner wisely, and monitor continuously 37:55: Closing thanks and show outro