Capital Rx Obliterates Industry-Standard Drug Price Distortion and Hidden Fees; Delivers First Fully Ethical Prescription Savings Program to Americans
NEW YORK, Aug. 11, 2021 /PRNewswire/ -- Capital Rx, a healthtech company changing the way prescription drugs are priced and patients are serviced, today announced the launch of Capital Rx Advantage, the first ethical prescription savings card. Built on an uncompromisingly honest, fair and transparent pricing model, Capital Rx Advantage eliminates hidden fees commonly and covertly passed on to both patients and pharmacies. As a result, Capital Rx Advantage members can save up to 90% on their prescriptions, while pharmacies are fairly compensated in exchange for offering their customers the best price. For every 4 out of 5 prescriptions1, Capital Rx Advantage beats top competitors on price.
With 51% of Americans enrolled in high-deductible healthcare plans and more than two in five working age Americans inadequately insured, drug discount programs allow patients more affordable access to necessary and sometimes life-saving medication. Unfortunately, even when using a discount card, consumers are still unknowingly overpaying for their medications.
Most mainstream drug discount programs intentionally pass substantial hidden administrative, service and transaction fees on to both consumers and pharmacies, pocketing more than $7 per script for themselves. Leading drug discount programs also partner with traditional PBM middlemen, who consciously profit off of a broken drug pricing system by using Average Wholesale Price (AWP) as their pricing model, allowing drug price manipulation and artificially inflated drug prices. In fact, many retail pharmacies have recently taken action to cap the fees traditional discount cards can 'tack on' to drug prices in an effort to limit the cost impact to patients.
Capital Rx Advantage is the only drug discount program that uses fair and equitable National Average Drug Acquisition Cost (NADAC) pricing, a government authorized pricing benchmark based on average invoice costs that pharmacies use to acquire outpatient drugs. By marrying NADAC pricing with its Clearinghouse Model™, which brings full and total visibility into drug unit prices and eliminates arbitrary price variability, Capital Rx is able to deliver on the promise of fully ethical and transparent drug pricing.
"As a group which represents independently owned pharmacies in the State of New Jersey, we are excited to see such a novel and fair reimbursement discount card becoming accessible not only to our pharmacies but for the patients they serve," said Brian Oliveira, PharmD, Executive Director, Garden State Pharmacy Owners.
Because NADAC pricing underpins Capital Rx Advantage, consumers can maximize their prescription savings. In an effort to democratize this model to as many consumers as possible, Capital Rx is also private labeling this solution.
"There's no doubt that mainstream discount drug programs have increased prescription drug access and affordability. But it's not good enough. Until systemic waste and abuse are driven out of the drug pricing system, patients, pharmacies, employers and taxpayers will all suffer," said A.J. Loiacono, CEO, Capital Rx.
"Today's launch is a first step in extending to all Americans the same fair and ethical drug pricing model that we've proven effective with hundreds of employers, unions and public entity customers on the commercial side of our business," said Sara Ganz, Director of Consumer Products.
Available now to anyone, Capital Rx Advantage can be accessed at www.capitalrxadvantage.com. Users can select to receive their free Capital Rx Advantage card through text, email or by printing. With the Capital Rx member app, users can search for drugs to find the lowest price at a local pharmacy with their Capital Rx Advantage card. To download the Capital Rx mobile app, cardholders can scan a QR code on the back of their card or search "Capital Rx" in their app store. Once the app is downloaded, cardholders can easily log in by selecting the Capital Rx Advantage option and begin using app benefits.
About Capital Rx
Capital Rx is built around the mission of changing the way prescription drugs are priced and patients are serviced. A health technology company daring to reimagine the pharmacy benefits industry, Capital Rx is executing on that mission through its Clearinghouse Model® - the first ethical framework for drug pricing. Capital Rx's enterprise pharmacy platform, JUDI™, connects every aspect of the pharmacy ecosystem in one platform, enabling patient engagement, and increasing efficiency to achieve the highest standards of clinical care. For more information, visit www.cap-rx.com.
- Sourced from internal review of top 100 prescribed medications comparing Capital Rx pricing vs leading discount card providers based on publicly available websites and mobile applications.
CONTACT: Nate Hermes, 646-828-9172, CapitalRx@Hermesprgroup.com
SOURCE Capital Rx