SmithRx and Mark Cuban Cost Plus Drug Company Announce $9.5 Million in Client Savings Through Innovative Autoimmune Drug Sourcing
March 4, 2024DALLAS & SAN FRANCISCO–(BUSINESS WIRE)–SmithRx, a transparent and 100% pass-through PBM, and Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs), announced today that in 6 months, they have saved SmithRx clients more than $9.5 million in the autoimmune category alone. This milestone has been achieved by strategically sourcing the lowest net cost autoimmune medications, including impactful transitions to cost-effective alternatives through Cost Plus Drugs.
This successful alliance combines SmithRx’s patient-first approach with Cost Plus Drugs’ revolutionary drug pricing strategy to tackle the highest cost drug category for many employers. Driven by overwhelming demand by employers, SmithRx and Cost Plus Drugs have set a new benchmark for value and affordability in healthcare. This, in turn, has made a significant impact on the lives of patients needing these critical medications.
Key highlights of the successful implementation include:
- Strategic Drug Sourcing: By leveraging Cost Plus Drugs’ transparent pricing model, SmithRx employer clients elect to source select autoimmune medications at the lowest possible net cost, sharing these savings with their members.
- Seamless Patient Transition: The collaboration ensures that patients are transitioned smoothly to more affordable medications without disrupting their treatment. Educational resources and support are provided to both patients and healthcare providers to facilitate informed decision-making.
- Unprecedented Savings: The initiative has realized $9.5 million in savings within the autoimmune drug category, demonstrating the potential for significant healthcare cost reductions without compromising on quality or efficacy.
- Innovative Approach to Pharmacy Benefits: This work exemplifies how innovative approaches to drug sourcing and pharmacy benefits management can result in substantial cost savings and better access to necessary treatments.
Dr. Alex Oshmyansky, founder of Cost Plus Drugs, stated, “Working with SmithRx has allowed us to extend the reach of our cost-plus model, bringing essential autoimmune medications to more patients at significantly lower prices. This is a prime example of how transparency and innovation in drug pricing can directly benefit consumers.”
Jake Frenz, CEO of SmithRx, added, “Our collaboration with Mark Cuban Cost Plus Drug Company is a cornerstone of our strategy to manage healthcare costs effectively while ensuring patients receive the best possible care. The $9.5 million in savings is just the beginning, and we are excited about the future of this relationship.”
This milestone announcement comes on the heels of SmithRx’s recent Series C financing round, which saw the company secure $60 million in funding led by top Silicon Valley healthcare venture capital firm Venrock.
About Mark Cuban Cost Plus Drug Company
The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry operates. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. Cost Plus Drugs transparently charges a standard markup on every drug it sells. The costplusdrugs.com online pharmacy launched in January 2022 now carries over 2,300 prescription products, delivered by mail to thousands of happy customers every day. Customers can also go to participating retail pharmacies to receive Cost Plus Drugs pricing through the Team Cuban Card. Cost Plus Drugs is working with health plans, managed-care organizations, pharmacy benefits managers (PBMs) and self-insured employers to bring these same savings to employer-sponsored benefit plans nationwide.
About SmithRx:
SmithRx is working to reduce the complexity and cost of pharmacy benefits by building a new type of pharmacy benefits manager (PBM) committed to transparency and aligned with employers and patients. By combining advanced technology, a member-centric approach, and innovative cost savings programs, we’re making prescriptions more affordable and delivering valuable transparency and savings to main street businesses.
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