Elixir Launches Specialty Generic Enhancement that Leads to Thousands in Annual Savings for Plan Sponsors and Members
June 30 2022 - 9:08AM
Business Wire
Elixir, a wholly owned subsidiary of Rite Aid (NYSE: RAD),
announced the launch of a specialty generic medication enhancement
to its managed copay solutions effective June 1, 2022. The
enhancement allows members to receive generic versions of certain
specialty medications at a $0 copay and has the potential to
provide an average savings of up to $40,000 annually.
“As specialty drug costs continue to climb and account for a
significant amount of drug spend, Elixir is continually looking for
innovative solutions for our clients,” said Marly Arbuckle, RPh,
CSP, senior director, specialty solutions and strategy for Elixir.
“With this specialty generic program, Elixir members will have
access to an expanded list of FDA-approved specialty generic
medications at no cost to them, while enhancing our ability to
drive optimum savings for the plan.”
Arbuckle explained that Elixir created a list of specialty
generic drugs that are eligible to receive a $0 copay that is
continually updated. When determining what generic drugs to include
on the list, all financial aspects are considered, factoring in
such things as rebates and discounts, ensuring the drugs on the
list are the most cost-effective option.
This enhancement is being added to Elixir’s existing managed
copay solutions, which tracks copay assistance from manufacturers
that is applied to specialty prescriptions, giving members the
benefit of assistance to afford branded specialty medications and
ensuring clients do not begin bearing the majority of the
medication cost before the deductible is actually achieved. In
2021, this program delivered over $25 million in savings.*
“Many people aren’t aware that there are specialty generic drugs
available, especially with all of the television ads for the brand
versions. Additionally, copay assistance available for most branded
specialty drug products often disincentives members from selecting
lower-costing generic options on their own. However, utilization of
specialty generics can save plan sponsors up to 30% per claim,”
Arbuckle said. “Our specialty generic solution allows both the plan
and member to save on drug costs, while still receiving the benefit
of the potentially life-saving drug. Additionally, these cost
savings help to increase member adherence to specialty medications,
which can limit expenses from healthcare complications.”
As an example for how this enhancement works, if you have a
brand drug that costs $6,000 per claim where an FDA-approved
generic costing $2,800 per claim has been identified, the plan
sponsor would only pay $2,800 versus $6,000. A savings of over
$3,000 per claim for the plan and a $0 copay for the member.
*This was a book of business savings and is not a guarantee of
future savings.
About Elixir
Elixir, a fully owned subsidiary of Rite Aid Corporation, is a
pharmacy services provider that offers pharmacy benefit management
services, Medicare-approved prescription drug plans, mail and
specialty pharmacy solutions, and prescription discount programs to
millions of members nationwide. With the unique ability to optimize
the full pharmacy care experience, Elixir is crafting solutions for
today’s pharmacy benefits challenges. For more information, visit
elixirsolutions.com.
About Rite Aid Corporation
As the trusted, everyday care connector, Rite Aid drives lower
health care costs through better coordination, stronger engagement,
and personalized services that help consumers achieve whole health
for life. We provide an array of whole being health products and
services for the entire family through over 2,300 retail pharmacy
locations across 17 states. Through Elixir, we provide pharmacy
benefits and services to millions of members nationwide. For more
information, visit www.riteaid.com
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version on businesswire.com: https://www.businesswire.com/news/home/20220630005485/en/
Elixir Media: Jan Yates, APR Vice President, Marketing
& Communications jyates@elixirsolutions.com 813-335-7625
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