“I wouldn’t change a thing about the prescription drug market,” said no consumer ever.
A quick refresher: the prescription drug market is a debacle. It is a dysfunctional system orchestrated by middlemen companies called pharmacy benefit managers (PBMs) that control access to drugs, set prices and reap massive profits. The PBM oligopoly robs consumers of choice by eliminating the ability to shop for prescriptions or have true transparency on costs. As a result, we incur real costs – time, money and health.
A market dictated by PBMs fails to keep up with the health and financial needs of consumers. In 2019, high prescription drug prices led 28 percent of pre-Medicare-age Americans to abandon their medication regimens, decrease their recommended dosage and delay refills. Moreover, traditional PBMs prevent consumers from shopping for prescription drugs the way they shop for any other product today – with price transparency, informed choice and mobile convenience.
The traditional PBM structure institutionalizes the prescription drug debacle. It props up a system that is out of sync with modern consumer expectations and that disempowers patients, driving up costs and ultimately making us less healthy. It’s time for a new model that places consumers at the center, armed with the information and choice to take control of their prescription drug purchasing – and most importantly, their health.
There's another way:
prescription intelligence platforms
A prescription intelligence platform is the integration of advanced technologies and a patient-centered focus that has a two-prong impact: empowering patients as healthcare consumers and positioning providers as valuable partners in better health.
The prescription intelligence platform knows, guides, engages and inspires consumers, providing them the information and tools they need to make empowered choices, save money and achieve better health:
- The platform knows what the individual patient needs, prefers and values. Everyone is unique — there is no such thing as an “average healthcare consumer.” Over time, the platform gets smarter and better understands each individual’s needs, preferences and values to deliver an experience tailored to the person.
- Based on this knowledge, the platform guides healthcare consumers to help them make better decisions. It securely delivers personalized information from trusted sources that is easy to understand. This enables consumers to make healthcare decisions with their providers in real time, when it matters most – at each stop along the patient journey.
- With personalized guidance, a prescription intelligence platform delivers the consumer an exceptional digital experience that engages them to develop new behaviors that reduce costs and help them achieve their health goals.
- The platform inspires better health by building trust and satisfaction by reforming a healthcare system that historically has worked for everyone except the patient.
A modern patient experience that puts the consumer first
Mobile phones are quickly becoming the front door of health care. Unlike traditional pharmacy benefits, a prescription intelligence platform delivers fully mobile experiences that give consumers transparency and control over their data.
In the traditional model, you learn that the system is broken when you show up at the pharmacy counter. In contrast, your experience with a prescription intelligence platform is much closer to every other modern and secure consumer experience:
- When your doctor writes you a new prescription, you receive a private text message that confirms your prescription and gives you relevant information based on your benefit plan and pricing options.
- By clicking on the secure link in the message, you now have personalized information that you have never had access to before — you’re getting to see behind the curtain. Your mobile phone becomes a personal healthcare advocate in your pocket — it’s connected to your insurance plan; it knows what’s covered, what’s not, how much you pay in copays and deductibles; it guides you to make informed choices in the moment that save you money and help you get the medications and services you need.
- This new advocate makes you aware of different drugs that do the same thing for less, allowing you to discuss options with your doctor while you’re still in the exam room.
- If your medication is not covered, or you can’t afford it, you are alerted before showing up at the pharmacy so you can address the issue with your doctor and find an alternative that is more accessible.
No pricing roulette wheel when you arrive at the pharmacy counter. No unpleasant surprises. Secure, personalized and powerful. Welcome to the 21st century prescription drug market.
Prescryptive Health has built the world’s first prescription intelligence platform, a personalized, mobile-first solution that eliminates middlemen from the prescription drug debacle, delivering customers the transparency, choice and privacy they deserve.
Empower consumers. End the drug debacle. See how we’re rewriting the script.
By Chris Blackley
CEO & Co-Founder, Prescryptive