An International Solution to Rising Prescription Medication Costs

By: Nic Hayes

If you’ve been grocery shopping recently, you’ll notice that a number of common groceries have increased in price over the past couple of years. Although prices continue to rise, you continue to buy these groceries because you and your family need them – but what would you do if prices increased in a way that was unsustainable to the point where you would be unable to afford them?

In the United States, this is unfortunately the reality for specialty prescription medication. Since 2016, the price of these medication has increased by 43% resulting in increasing plan costs at a rate that is not sustainable for most self-funded employers. In addition to employers, the increase in price has a profound impact on employees. The current costs of specialty medications place a strain on employees’ financial well-being causing them to potentially be unable to afford their medications, and when individuals cannot afford their prescribed medications, a domino effect of negative outcomes is set off.

Casey Macpherson, CEO of Global Rx Management Limited, added, “As a pharmacist that concerns me greatly as we see what happens when patients are not compliant on their medications. Asthmatics end up in the emergency room, diabetics end up with uncontrolled blood glucose levels, which can lead to a host of complications, and those with heart disease are at risk of a serious cardiac event. I recently read the results of a survey that found that of the 59% of Americans that regularly take medications 34% have taken less than their prescribed dose or not filled a prescription due to cost. Nobody should have to make that sort of choice.”

From an employee standpoint, underuse of prescribed medications puts their health in jeopardy which can lead to increased emergency room visits – a costlier and less efficient form of healthcare delivery. And from an employer standpoint, employees being unable to access their prescribed medication leads to increased absenteeism and decreased productivity.

With the continued price increase of prescribed specialty medications, a solution like RxManage provides employers the opportunity to save up to 70% on prescription claims costs while also providing a prescription program for employees with $0 co-pays. RxManage achieves these savings by removing the borders and barriers with their International Pharmacy Program.

Speaking on their mission, Founder of RxManage USA Bill Hepscher said, “At RxManage, we built this model in response to demand from brokers and consultants for an international pharmacy program to assist their self-funded groups to save on medication costs. Prior to this we had been working in the individual market but with the arrival of the ACA there was a clear need for a solution to address the rising costs that self-funded groups were facing.”

Through their innovative International Pharmacy Program, RxManage has an established network of licensed international pharmacies in Tier 1 countries (Canada, Australia, New Zealand, UK) offering an extensive formulary of medications dispensed by their licensed pharmacists. Utilizing this program, RxManage has had success. For example, these 10 groups saved almost 57% on average on brand and specialty medications ordered internationally.

*PBM prices are estimates based on retail pricing data and cross references with claims

By sourcing medications internationally, significant savings are provided to both employers and employees. More importantly, however, the savings allow individuals to have access to the medications that they truly need resulting in a healthier and happier workforce.

“At RxManage, we understand concerns about sourcing medications internationally. We have a commitment to quality and compliance. We address potential obstacles through transparent communication, rigorous quality standards, and personalized support. What prompts employers to say 'yes' to us is our dedication to both financial efficiency and the well-being of their workforce,” Casey Macpherson added.

In addition to the savings provided through the program, RxManage also has no minimum participation requirements or administration fees providing even more organizational savings.

Highlighting the benefit and accessibility of their program, Bill Hepscher added, “Our goal is to make prescription savings accessible to organizations of all sizes. By removing minimum participation requirements and administration fees, we ensure that our program is available to all to try. It's about creating a straightforward, cost-effective solution that prioritizes accessibility and affordability for our clients.”

Tired of the burden prescription drugs is putting on your plan? Reach out to RxManage and receive a free analysis of current prescription claims to identify potential savings available. Follow RxManage on LinkedIn and connect with Casey and Bill, or you can reach them by email at casey@globalrxmanage.com and bill@rxmanage.com.