Transcarent, a provider of employer health services, is introducing an integrated pharmacy benefit program that aims to create a new standard for the accessibility and costings of prescription drugs.
In an effort to solve what the firm refers to as a "complex, confusing, and costly process", the platform provides price transparency, all day clinical assistance, and care advice. Thanks to Pharmacy Care, more autonomy over drug lists, benefits and statistics is awarded to self-insured employers.
“the platform provides price transparency, all day clinical assistance, and care advice“
The cost of prescription medication has increased by 35% over the past eight years. This is almost 2x the inflation rate, with more than half of employers polled believing that pharmacy expenditure is unmaintainable. With the increasingly common presence of speciality medication, this problem will only be exemplified.
The existing pharmacy benefit plans currently mask the exact cost of pharmaceuticals from many self-insured firms, leading to significant price variations across employers.
The Transcarent Pharmacy Care programme aims to do the opposite, pushing their transparency, experience and networks in both medicine and pharmacy. As a result, employers could make savings of 40%.
Chief Operating Officer at Transcarent, Snezana Mahon, explained that "the existing model doesn't provide employers with enough transparency to evaluate pricing and make better choices. Transcarent Pharmacy Care is a different approach to the current high cost and low service models."
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