Tom Moriarty, Chief Policy and External Affairs Officer, discusses programs that help consumers manage out-of-pocket drug costs and provide cost transparency across all points of care
Point of Sale rebate program, in place since 2013, helps 12 million plan members to reduce out-of-pocket costs
WOONSOCKET, R.I., March 8, 2018 /PRNewswire/ -- CVS Health (NYSE: CVS) Chief Policy and External Affairs Officer Tom Moriarty spoke to attendees at the AHIP National Policy Conference in Washington, DC today about ways the health care company is addressing the high cost of prescription drugs for payors and consumers. Moriarty highlighted a variety of approaches, including a new program that provides drug cost transparency for prescribers, pharmacists and patients. He also discussed the company's existing Point of Sale rebate offering which passes negotiated drug rebates directly to consumers when they purchase their medications.
"With more and more consumers in health plans with high deductibles, many are seeing the true cost of their medications for the first time, often at the pharmacy counter when they go to pick up their prescription," said Moriarty. "That is why we developed and introduced a system that provides true cost transparency by sharing member-specific drug cost information, formulary coverage and available lower-cost alternatives with doctors at the moment when they are writing the prescription."
Early results show that the vast majority of prescribers using this real-time benefits capability enabled through their electronic health record (EHR) have switched their patients' drug when it is not covered on their formulary or if there is a less expensive option available. In addition, this transparency empowers the physician, pharmacist and patient to have a more meaningful dialogue about appropriate medications and their costs, helping to identify opportunities for lower out-of-pocket costs for patients.
"Another way we help make prescription drugs more affordable for consumers is through Point of Sale rebates, which we have offered to our commercial clients since 2013," added Moriarty. "We currently cover nearly 12 million people under this option, by which the estimated value of negotiated rebates on branded drugs is passed along to the consumer when they get their prescription."
About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with more than 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at www.cvshealth.com.
SOURCE CVS Health