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Our Response to the Administration’s “Blueprint”
Lowering Drug Costs
Download a summary of our response to the Administration’s Blueprint.
Recently, President Donald Trump’s Administration released “American Patients First,” the President’s blueprint to lower drug prices. We see the impact rising drug costs have on plan members and patients every day. As a pharmacy innovation company that is helping people on their path to better health, we support the Administration’s goal to lower drug prices and reduce out-of-pocket (OOP) costs for consumers. We are using every innovative tool possible to bring down the cost of drugs ourselves. CVS Health submitted a response to the Administration’s blueprint, highlighting what we, as a company, do to help bring down drug costs and steps the government could consider.
Our pharmacists witness the sticker shock firsthand as patients question the cost of brand-name drugs, especially considering prices have grown 10 times faster than inflation over the last five years.
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CVS Health’s pharmacy benefit manager (PBM), CVS Caremark, negotiates the lowest possible cost from drug manufacturers for our clients, and ultimately, for the millions of Americans who pick up their prescriptions at pharmacy counters every day. The tools used by PBMs to remove drug costs from the health care system are projected to save $654 billion over the next decade.
Among the solutions in place today, to help clients and their members reduce costs are:
|CVS Health provides availability of rebates at the point of sale as an option for all clients. In addition to helping consumers reduce OOP costs, this approach leads to greater transparency in drug prices, and unquestionably demonstrates the true cause of rising drug costs for consumers, which is the price set by pharmaceutical manufacturers. For consumers in high deductible health plans (HDHPs), the availability of point-of-sale rebates on their medications before their deductible is met, can be a key solution to help consumers stay adherent on their essential medications by making them affordable.|
|We are using an innovative technology solution to bring real-time benefits information to the point of prescribing. Through their electronic health records system, prescribers are able to see the member-specific cost for a selected drug, based on a beneficiary’s coverage, along with up to five lowest-cost, clinically appropriate therapeutic alternatives. We have also brought this technology to the pharmacy counter. Our nearly 30,000 pharmacists utilize the Rx Savings Finder tool to quickly identify available savings opportunities when members present their prescriptions. This tool is expected to produce an average of $420 in additional annual savings for the patient.
Our Market-Leading Solutions Help Clients Stay Ahead of Marketplace Trends and Achieve Lowest Net Cost.
Helping Lower Client Cost While Ensuring Members Have Access to Clinically Appropriate Medications.
Savings will vary based upon a variety of factors including things such as plan design, demographics and programs implemented by the plan.
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Image source: Licensed from Getty Images, 2018.
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