WOONSOCKET, R.I. — CVS Health chief policy and external affairs officer Tom Moriarty spoke to attendees at the AHIP (America’s Health Insurance Plans) National Policy Conference in Washington, D.C., earlier this month about ways the company is addressing the high cost of prescription drugs for payers and consumers.
Moriarty highlighted a variety of approaches, including a new program that provides drug cost transparency for prescribers, pharmacists and patients. He also discussed the company’s point-of-sale rebate offering, which passes negotiated drug rebates directly to consumers when they purchase their medications.
“With more and more consumers in health plans with high deductibles, many are seeing the true cost of their medications for the first time, often at the pharmacy counter when they go to pick up their prescription,” said Moriarty. “That is why we developed and introduced a system that provides true cost transparency by sharing member-specific drug cost information, formulary coverage and available lower-cost alternatives with doctors at the moment when they are writing the prescription.”
Early results show that the vast majority of prescribers using this real-time benefits capability enabled through their electronic health record have switched their patient’s drug when it is not covered on the formulary or if there is a less expensive option available. In addition, this transparency empowers the physician, pharmacist and patient to have a more meaningful dialogue about appropriate medications and their costs.