Prescription drug discount solution to help lower costs, improve experience for tens of millions of CVS Caremark clients’ members
WOONSOCKET, R.I., and SANTA MONICA, CA, July 12, 2023 — CVS Caremark®, a CVS Health® (NYSE:CVS) company, and GoodRx (Nasdaq: GDRX), a leading resource for healthcare savings and information, today announced the launch of Caremark® Cost SaverTM to help lower pharmacy out-of-pocket drug costs for CVS Caremark clients’ members. Through the new program, CVS Caremark’s eligible members will have automatic access to GoodRx’s prescription pricing to allow them to pay lower prices, when available, on generic medications in a seamless experience at the pharmacy counter.
The amount paid will automatically be applied to plan members’ deductible and out-of-pocket thresholds. Plan members only need to utilize their existing benefit card at their preferred in-network pharmacy. No action is required by the plan member.
“We work every day to provide a more affordable drug benefit for our CVS Caremark clients and their plan members, and this collaborative prescription discount solution enables us to dynamically shop for the best price on their behalf,” said David Joyner, Executive Vice President, CVS Health and President, CVS Caremark. “By lowering out-of-pocket costs for our clients’ members, Caremark Cost Saver will help patients afford to take their medicine as directed.”
“Healthcare only works when patients can afford it, which is why we are excited to work with CVS Caremark to combine their great value with automatic access to our low prices on prescriptions,” said Scott Wagner, Interim CEO of GoodRx. “Through this program, patients don’t have to choose between using their pharmacy benefit or using GoodRx to save on their prescriptions - now they can do both right at the counter so they have confidence they are always paying the lowest available price. This collaboration can make a meaningful difference for the tens of millions of Americans that CVS Caremark serves.”
Members will continue to benefit from CVS Caremark’s rigorous drug safety review, which includes thousands of health and safety checks that can alert the patient about any negative drug interactions.
This program will bring GoodRx discount pricing to commercially insured plan members filling many commonly prescribed generic prescriptions at in-network pharmacies, starting January 1, 2024.
Learn more about Caremark Cost Saver here.
Member's plan (e.g., employer) must elect to participate in the program in order for the member to access the Cost Saver program.
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About CVS Health
CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.
About GoodRx
GoodRx is a leading resource for healthcare savings and information that makes healthcare affordable and convenient for all Americans. We offer consumers free access to transparent and lower prices for brand and generic medications, affordable and convenient medical provider consultations via telehealth, and comprehensive healthcare research and information. Since 2011, we have helped consumers save over $55 billion and are one of the most downloaded medical apps over the past decade.
GoodRx periodically posts information that may be important to investors on its investor relations website at https://investors.goodrx.com. We intend to use our website as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are encouraged to consult GoodRx’s website regularly for important information, in addition to following GoodRx’s press releases, filings with the Securities and Exchange Commission (the “SEC”) and public conference calls and webcasts. The information contained on, or that may be accessed through, GoodRx’s website is not incorporated by reference into, and is not a part of, this press release.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the demand and success of Caremark Cost Saver or the benefits to consumers from such offering. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks relating to changes in medication pricing which are significantly impacted by pricing structures negotiated by industry participants and the important factors discussed in CVS Health’s and GoodRx’s respective filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent current expectations and projections as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Media contact
Phil Blando
202-258-4978
Phillip.Blando@CVSHealth.com
Lauren Casparis
415-847-1422
lcasparis@goodrx.com
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