Employer health startup Transcarent announced in September plans to launch a new pharmacy program for self-funded employers and health systems.
The company revealed that it is teaming up with healthcare technology company Prescryptive Health to power its new pharmacy benefit offering. Prescryptive’s mobile patient engagement platform, MyRx.io, enables users to find and pay for clinical services at pharmacies, including COVID-19 tests and vaccines, and see what pharmacies in a given area charge for medications.
The new pharmacy benefit offering, called Transcarent Pharmacy Care, is designed to give employers and health systems maximum control over their formulary, benefit designs and data, according to the companies.
"This new-to-market solution will address the confusing, complex, and costly process that exists today for members by offering easy-to-understand price transparency tools, 24/7 clinical support, and guidance while addressing virtually all of their other health and care needs," Transcarent executives said in a press release.
“The current fragmented healthcare system is not designed for consumers’ needs to get transparent information, trusted guidance and easy access to care on their terms,” said Glen Tullman, CEO of Transcarent, in a statement. “The push for transparency and accessibility must extend to the pharmacy. Transcarent is partnering with Prescryptive to create a transparent, connected care experience that aligns with our mission to break down healthcare silos and empower our Members on their health and care journey.”
Prescryptive, founded in 2017, acts as a PBM, negotiating prices directly with pharmacies. That allows the company to maintain fair rates and to be transparent about them with consumers, co-founder and CEO Chris Blackley told Fierce Healthcare back in October 2021.
Prescryptive says it developed a "prescription intelligence platform" that offers members transparent pricing, 100% pass-through of manufacturer rebates and no spread pricing.
The company works with a national network of more than 60,000 retail, home delivery and specialty pharmacies.
Some of the startup’s partners include major pharmaceutical companies, independent pharmacy groups and chains like Walmart and Walgreens.
Through the partnership, Transcarent Pharmacy Care members will be able to shop for their own prescriptions with a digital prescription, the companies said. Consumers can view real-time price data, select a pharmacy to fill their medication or a home delivery option, know the price they will pay and make more informed decisions.
In a recent pharmacy study by Prescryptive, 90% of consumers said they would appreciate knowing the price of medication before they arrive at the pharmacy, and 73% said they would be more likely to talk to their doctor about lower-cost alternatives if they knew the price in advance.
Transcarent launched from stealth in March 2021 and has raised $298 million to power its premium-free approach to employer-sponsored healthcare.
The Pharmacy Care tool builds in previous launches from Transcarent, including solutions for behavioral health care and oncology care. The company has also secured partnerships with big names in the industry, including retail giant Walmart.
Prescryptive has raised $26 million in funding from investors that include SeaChange and Pallasite Ventures.
Several startups have launched in the past few years aiming to disrupt skyrocketing prescription drug prices in the U.S. Mark Cuban Cost Plus Drug Company launched its own PBM and an online pharmacy as part of an ongoing effort to provide consumers with low drug prices.
Amazon acquired PillPack in 2018 and rolled out Amazon Pharmacy in 2020. At the ViVE 2022 digital health conference in March, Amazon Pharmacy announced it was partnering with Blues plans in five states and Prime Therapeutics to launch a prescription discount savings card for some Blue Plans members. The company recently inked a deal with Florida Blue to serve as its exclusive home delivery service provider.