Atlanta, Georgia-based digital health company Sharecare has inked a deal with CVS Caremark – the PBM arm of the pharmacy chain – to launch a digital pharmacy savings card geared towards patients who are uninsured or underinsured.
Dubbed Sharecare Rx, the card is available through the Sharecare app and allows customers to get discounts of generic and branded medications across the Caremark pharmacy network, which spans 68,000 pharmacies including retailers like Walmart and Walgreens, along with CVS locations.
The idea is also for the card to serve as a pricing transparency tool to allow for more of a shoppable, consumer-friendly experience for medication.
“As the high cost of prescription drugs continues to present a challenge for millions of Americans, we are committed to finding ways to help uninsured or underinsured populations access affordable medications,” CVS Caremark President Derica Rice said in a statement. “
“By leveraging our size, scale, expertise and access, this new program with Sharecare will help Americans who lack prescription drug coverage find lower cost drug options at convenient pharmacy locations that encompass large chains and locally owned independent pharmacies.”
CVS is the nation’s largest pharmacy chain and CVS Caremark ranks as one of the biggest PBMs in the country. The company recently closed on its mega $69 million acquisition of Aetna, which has more than 22 million plan members.
The discount card is part of a suite of features in the application to help improve medication adherence past just drug discounts, including education and best practices around their prescriptions. Using Sharecare RX consumers can search for their drugs and find the closest and most convenient location to pick up their medication.
Research has shown that issues with medication adherence accounts for nearly $300 billion in additional healthcare spend and leads to 125,000 deaths a year.
“Whether treating strep throat or managing a chronic condition, the modern healthcare experience cannot be comprehensive without medications, yet the burdens of choice and cost placed on people can be overwhelming,” Sharecare CEO Jeff Arnold said in a statement. “We are removing barriers to empower consumers to truly manage all their health in one place.”
With rising drug prices remaining a priority for the government, stakeholders across healthcare ecosystem are working to give patients access to cheaper medications.
Major PBM Express Scripts recently announced a three-year agreement with Walmart to give customers access to lower prices on a range of brand-name prescription drugs through its InsideRx discount program.
“Prescription drugs are the first line of treatment for many illnesses, and it is critical to create and sustain affordable access to innovative therapies,” Express Scripts President of Supply Chain Amy Bricker said in a statement.
“Our clients and patients value our ability to deliver quality, cost-effective care on their terms, and we are pleased to partner with Walmart to expand affordable access for insured and uninsured patients.”
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