From expensive car and home repairs to today's grocery bills, sticker shock comes in many forms. The last place it should exist is at the pharmacy counter, yet the complexity behind the cost of prescriptions only seems to be getting worse.
According to the Organisation for Economic Co-Operation and Development, Americans spend an average of $1,200 per person annually on prescription drugs, which is twice as much as those in comparatively wealthy nations. Unsurprisingly, 22% of people report
Scripta Insights, a healthcare IT platform, was founded to make prescription prices more transparent, and therefore more affordable. By offering an available list of alternatives to many name brand medications, the company is helping payers to save an average of 46%, which is very good news for employers and the workers they insure.
"Patients are facing this horrible stress at the pharmacy where they go to pick up their drug, and that is the first time they see what it costs. It can be a shocking moment," says Eric Levin, Scripta Insights' CEO. "We really want to find ways to help consumers with that."
Over half of the working population is on a
"The more that costs go up, the fewer good benefits [companies] are able to offer," says Levin. "Even large employers are still a relatively small customer of a multi-hundred billion dollar pharmaceutical benefits manager (PBM). They have no visibility to what drugs cost on any given day, and how that might impact their finances."
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When people receive a prescription from their doctor, they often don't know there is any other option, says Levin. He points out that doctors are often not aware what a particular drug will cost, as their patients all have different insurance, and this leaves people vulnerable when they have their medications filled.
With Scripta's app, members can compare the drug they've been prescribed with possible alternatives, finding the most cost-effective solution. They also receive monthly personalized sales reports, which outline possible alternatives to any medications they've been taking. This allows people to take action and advocate for themselves, Levin says. For all employees, but especially those managing chronic conditions or multiple medications, the ability to make an informed decision is priceless.
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By presenting the means for employees to maintain their prescription regimen, companies can play a part in making sure employees' conditions do not become more serious, therefore avoiding
"What we're trying to do is create the first comparison shopping product for pharmacy," says Levin. "This is table stakes; Rx costs are through the roof, higher deductible plans are going to your members, and you know that it's putting them in a bad situation and it's putting your company in a bad situation financially. Here's a really straightforward option to help the employees that need it. Not only are they happier, but you're saving a ton of money. It's all carrot, no stick."
