New card will make medications more affordable, convenient.
ATLANTA– Sharecare, the digital health company helping people manage all their health in one place, today announced the launch of Sharecare Rx, a digital pharmacy savings card to help people who are uninsured or may lack sufficient drug coverage save money on their prescription medications. Administered by CVS Caremark, the pharmacy benefit management (PBM) business of CVS Health, Sharecare Rx is available exclusively through the free Sharecare app and will offer access to discounts on drugs within the CVS Caremark national pharmacy network. In addition to helping people find the best price on both generic and branded prescription medications, Sharecare now enables people to access information and tools to help them overcome some of the most significant barriers to medication adherence besides cost, such as convenience and education.
“Whether treating strep throat or managing a chronic condition, the modern healthcare experience cannot be comprehensive without medications, yet the burdens of choice and cost placed on people can be overwhelming,” said Jeff Arnold, co-founder, chairman and chief executive officer of Sharecare. “By partnering with CVS Caremark to build Sharecare Rx into our platform, we are removing barriers to empower consumers to truly manage all their health in one place. We are also actively working with our health plan and employer partners to integrate their formulary coverage and pricing into Sharecare so their members can seamlessly access their prescription benefits, as well as information and tools to help them adhere to a healthier regimen.”
Accepted at the more than 68,000 pharmacies in the CVS Caremark network – from large national retail pharmacies including CVS, Walgreens and Walmart to locally owned community pharmacies – Sharecare Rx enables people to search for a specific medication, filtering results by drug price, pharmacy distance, and availability of 24-hour and drive-thru pharmacy services. Once someone selects their preferred drug result, they can redeem the discounted price simply by presenting the Sharecare Rx card (found in the Sharecare app under You > Wallet) during checkout at a participating network pharmacy. Sharecare Rx leverages CVS Caremark’s scale and expertise in negotiating lower medication prices with pharmaceutical manufacturers to bring Sharecare users affordable prices.
“As the high cost of prescription drugs continues to present a challenge for millions of Americans, we are committed to finding ways to help uninsured or underinsured populations access affordable medications,” said Derica Rice, president, CVS Caremark. “By leveraging our size, scale, expertise and access, this new program with Sharecare will help Americans who lack prescription drug coverage find lower cost drug options at convenient pharmacy locations that encompass large chains and locally owned independent pharmacies.”
While annual spending on prescription drugs in the United States exceeds $450 billion, lack of adherence accounts for more than $290 billion annually in additional healthcare costs, and causes nearly 125,000 deaths and 10 percent of hospitalizations. As part of its mission to help people manage all their health in one place, Sharecare also provides people with a way to easily maintain a comprehensive list of all their medications and dosages, and track their daily medication use as part of earning a “green day” – the metric Sharecare uses to measure someone’s daily progress toward their personalized holistic health goals. Beginning in early 2019, Sharecare users also can opt in for notifications and reminders to refill their prescriptions and take medications as directed, as well as access detailed drug-specific information about safety, side effects and effectiveness.
“Now more than ever, helping people find the best price on prescriptions and better understand the vital role of their medications, especially for chronic conditions, is critical and, as such, a topic we explore on my show this season,” said Dr. Mehmet Oz, cardiothoracic surgeon, nine-time Emmy Award-winning host of The Dr. Oz Show and co-founder of Sharecare. “At Sharecare, we empower people to live their healthiest lives, and by integrating Sharecare Rx right into the Sharecare app, we are enabling Americans to improve their health every day while also enjoying exceptional savings at pharmacies across the country.”