PBMs have traditionally managed about $370 billion in prescription drug spend for plan sponsors . They provide limited services through their use of inefficient and ineffective legacy systems, leading plan sponsors to outsource critical services to multiple vendors. This has created no single point of accountability in the health care continuum, creating an additional $370 billion of avoidable drug-impacted medical costs. Also, specialty pharmacy costs have grown to over $120 billion, and will continue to grow to be $150B by 2019. There is a significant opportunity to manage and optimize specialty spend. However legacy PBM neither have vision nor the platform to manage end to end. Also plan sponsor should look for bundled specialty episode risk managing partners.
By taking a holistic approach, RxAdvance views the PBM industry to actually be $840 billion, far exceeding the $370 billion directly managed by legacy PBMs. By utilizing a collaborative and integrated platform and its disruptive holistic vision, RxAdvance will effectively reduce costs for health plan sponsors, while also driving down avoidable drug-impacted medical costs through its unified data platform, the Collaborative PBM Cloud™.
RxAdvance is redefining the $840 billion PBM industry through its disruptive model and reimagined value proposition. In order to effectively manage the entire $840 billion market, RxAdvance engages all four stakeholders – Through Patient Rx360™, RxAdvance provides prescribers at the Point-of-Care, pharmacists at the Point-of-Sale, with increased actionable intelligence as compared to what is currently offered. RxAdvance also push this intelligence into clinical & pharmacy staff of plan sponsors workflow and proactive member engagement through mobile cloud. RxAdvance has proven itself as the most qualified and responsible PBM, acting as a trailblazer in the industry by becoming the first PBM to provide such an integrated model.