CVS Health shares efforts to address drug costs at AHIP conference
At the AHIP National Policy and External Affairs Conference in Washington, D.C., this past week, CVS Health chief policy and external affairs officer Tom Moriarty discussed how the company is confronting rising drug prices for payers and patients. He outlined the company’s efforts, which include a new program that offers drug cost transparency for patients, pharmacists and prescribers.
“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,” Moriarty said. “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.”
He noted that prescribers using CVS Health’s real-time benefits capabilities through their electronic health record have switched a patient’s drug when it’s not in their formulary or when a cheaper option presents itself.
"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."
Moriarty also noted that CVS Health has implemented a point-of sale rebate effort that passes negotiated drug rebates to patients when they pay for their medication.
"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."
“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,” Moriarty said. “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.”
He noted that prescribers using CVS Health’s real-time benefits capabilities through their electronic health record have switched a patient’s drug when it’s not in their formulary or when a cheaper option presents itself.
"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."
Moriarty also noted that CVS Health has implemented a point-of sale rebate effort that passes negotiated drug rebates to patients when they pay for their medication.
"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."