Transcarent introducing new pharmacy benefit offering
The pitch to potential users is an integrated solution from one company that offers a more holistic approach to care.
Transcarent CEO Glen Tullman
Photo courtesy of Transcarent
Employer health company Transcarent is rolling out an integrated pharmacy benefit offering designed to establish a new model for drug affordability and access, with transparency being a top-of-mind goal.
The offering promises easy-to-understand price transparency, 24/7 clinical support and care guidance in an attempt to address what the company calls a "complex, confusing and costly process."
Trascarent said that Pharmacy Care, as it's called, gives employers more control over their formulary, benefit designs and data. The integrated Pharmacy Care experience is available to self-insured employers and health systems.
The pitch to potential users is an integrated solution from one company that offers a more holistic approach to care.
WHAT'S THE IMPACT?
In the last eight years, prescription drug prices have risen by 35% – nearly twice the rate of inflation – and 60% of employers say pharmacy spending is unsustainable, according to Transcarent. It's an issue that may get worse with the increased prevalence of specialty drugs.
Spiraling costs have created a dangerous paradox, the company said: While prescription drugs are by far the most used healthcare benefit, and many experts believe they are the most cost-effective, the cost of drugs has suppressed adherence, which particularly impacts the health of lower-income individuals. Transcarent framed this as an equity issue.
For many self-insured employers, the current pharmacy benefit arrangements shield the true cost of drugs, resulting in vast pricing differences from employer to employer, unfavorable contract terms and the inability to truly benefit from competition, the company said.
Transcarent Pharmacy Marketplace, an offshoot of Transcarent Pharmacy Care, will offer access to integrated clinical care. The larger Pharmacy Care offering, meanwhile, touts a lack of hidden fees, 100% pass-through of rebates, broad pharmacy networks and clinically integrated medical and pharmacy experiences.
The company said employers may realize up to 40% in savings.
THE LARGER TREND
In October 2021, Transcarent and Walmart announced a partnership to lower prescription drug and other prices for the self-insured market. The agreement allows Transcarent, which offers a digital platform "overlay" to existing plans for self-insured employers, to share Walmart prices on pharmaceuticals and other services with employees, the companies said.
The partnership is marketed as offering self-insured employers cost-effective health and wellness options.
ON THE RECORD
"The existing model doesn't provide employers with enough transparency to evaluate pricing and make better choices, and that translates into financial and therapeutic hardship for their members," said Transcarent COO Snezana Mahon, Pharm.D. "Transcarent Pharmacy Care is a different approach to the current high-cost and low-service models. A better experience, improved health and care outcomes, and lowering costs are the ultimate goals."
Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com
