The high cost of prescription drugs is one of the nation’s most pressing problems and a major source of financial worry for consumers across the nation. While CVS Health has made significant progress in mitigating the impact of high list prices set by pharmaceutical manufacturers, for too many Americans annual out-of-pocket drug costs are still significant.
In response, CVS Health announced today that it is fighting back by launching the most comprehensive program in the industry to help patients save money on their medications.
According to a recent national poll, commissioned by CVS Health, 83 percent of Americans said they were concerned personally about the impact of rising prescription drug prices. As prescription drug prices continue to rise and enrollment in high deductible health plans grows, many patients are shouldering higher costs for their prescription medicine.
CVS Health will address this problem with a robust set of initiatives, including the new CVS Pharmacy Rx Savings Finder, which will enable the company’s retail pharmacists for the first time to evaluate quickly and seamlessly individual prescription savings opportunities right at the pharmacy counter.
This new tool further enhances existing savings opportunities the company’s pharmacy benefit manager (PBM) CVS Caremark is currently offering its clients such as the preventive drug lists that make medications for many common, chronic conditions available at a $0 copay.
In addition, CVS Caremark provides real-time, member-specific drug costs and lower-cost alternatives to prescribers through their electronic health record system and to CVS Caremark members through the member portal and newly updated app. These programs are part of CVS Health’s commitment to helping consumers find the lowest cost prescription drugs by offering more pricing transparency for prescribers, pharmacists and patients.
“Today’s consumers are faced with higher prescription drug prices than ever before and many of them are now paying for a larger share of their prescription drug costs out of their own pockets at the pharmacy counter due to growth in high deductible health plans,” said Thomas Moriarty, chief policy and external affairs officer, CVS Health. “Until now, patients haven’t had the appropriate tools available to them to help them manage these costs. To address this, CVS Health is giving expanded tools to patients, prescribers, and pharmacists so they can evaluate prescription drug coverage in real-time and identify lower-cost alternatives. We are committed to finding the right drug at the lowest possible cost for patients to ensure they are able to access and stay on the medications they need. That’s our promise.”
(Source: CVS Health)