Better Therapeutics Signs Rebate Agreement with One of the Largest Pharmacy Benefit Managers in the US for its AspyreRx Diabetes Treatment
- None.
- None.
Insights
The agreement between Better Therapeutics and a leading Pharmacy Benefit Manager (PBM) is a significant development in the healthcare sector. From an economic standpoint, the inclusion of AspyreRx™ in the PBM's formulary with rebate eligibility could potentially lead to cost savings for both patients and insurers. By negotiating rebate agreements, PBMs can offer medications at lower prices, which may increase patient adherence to treatment regimens due to reduced financial barriers.
Moreover, the scale of the PBM's network, covering over 70 million lives, suggests a substantial market penetration opportunity for Better Therapeutics. This could lead to increased volume sales and a stronger bargaining position in future negotiations with other healthcare payers. However, the long-term economic impact will depend on the uptake of AspyreRx™ by healthcare providers and patients, as well as the actual cost savings realized as a result of the rebate.
AspyreRx™, being the first FDA-authorized prescription-only digital therapeutic for type 2 diabetes, represents a novel approach in managing cardiometabolic diseases. The efficacy of digital therapeutics in improving patient outcomes is a growing area of research. The clinical data supporting AspyreRx™ will be critical in determining its adoption and impact on patient health.
The partnership with a PBM is also indicative of the evolving landscape of digital therapeutics within the healthcare system. It reflects a shift towards integrating technology-based interventions alongside traditional pharmaceuticals. However, it is important to monitor post-market surveillance data to assess the real-world effectiveness and any potential risks associated with the use of AspyreRx™.
In the context of the pharmaceutical and healthcare market, the agreement between Better Therapeutics and a major PBM is a strategic move that could significantly enhance the commercial prospects of AspyreRx™. The digital therapeutic market is rapidly expanding and early agreements with key players in the pharmaceutical distribution chain can provide a competitive edge.
It is essential to analyze the market response to AspyreRx™, considering the growing prevalence of type 2 diabetes and the demand for innovative treatments. The ability of Better Therapeutics to secure additional agreements with other PBMs, health plans and GPOs will be a key factor in determining the market share and revenue growth for AspyreRx™. Stakeholders will be interested in the adoption rates post-launch and the potential impact on Better Therapeutics' financial performance.
Agreement is an important step towards securing broad coverage
Better Therapeutics launched AspyreRx in October 2023, after receiving
The company continues to engage with national and regional health plans, as well as Pharmacy Benefit Managers (PBMs) and Group Purchasing Organizations (GPOs), to communicate the value of AspyreRx for patients with T2D and to secure broad coverage.
“This rebate agreement opens up an important pathway for access to treatment for millions of patients with type 2 diabetes," said Frank Karbe, President and CEO at Better Therapeutics. "Agreements like this demonstrate recognition of the value proposition of innovative solutions like AspyreRx and represent an important step toward increasing accessibility and coverage of our product for patients in need.”
About Better Therapeutics
Better Therapeutics is a prescription digital therapeutics company developing a novel form of cognitive behavioral therapy (CBT) to address underlying factors that sustain or worsen cardiometabolic diseases. The Company has developed a proprietary platform for the development of FDA-regulated, software-based solutions for T2D, heart disease and other conditions. The CBT delivered by Better Therapeutics’ PDTs is designed to enable changes in neural pathways of the brain so lasting changes in behavior become possible. Addressing the underlying causes of these diseases has the potential to dramatically improve patient health while lowering healthcare costs. Better Therapeutics’ clinically validated mobile applications are intended to be prescribed by physicians and reimbursed like traditional medicines.
For more information visit: bettertx.com
About AspyreRx
AspyreRx (formerly BT-001) was granted marketing authorization by the FDA in July 2023 as the first prescription-only digital therapeutic to treat adults with type 2 diabetes (T2D). AspyreRx is backed by robust data demonstrating clinically meaningful and sustained reduction in A1c as well as improvements in other markers of cardiometabolic health when used up to 180 days. Using proven techniques that target the underlying psychological, behavioral, and cognitive factors that sustain or worsen T2D, AspyreRx is a self-paced, engaging experience that patients can access from their smartphone. It is prescribed by a healthcare provider in 90-day increments, with proprietary CBT delivered digitally in a weekly step-by-step process. Through interactive therapy lessons, skill-building modules, weekly goal setting and tracking, patients connect changes in behavior to improvements in blood sugar and other biometrics. Each step in the experience builds on the prior to enable and reinforce cognitive restructuring, building the emotional resilience and acceptance needed to make enduring changes.
Indication for Use
AspyreRx is a prescription-only digital therapeutic device intended to provide cognitive behavioral therapy to patients 18 years or older with type 2 diabetes. The device targets behavior to aid in the management of type 2 diabetes in patients who are under the care of a healthcare provider. AspyreRx provides cognitive behavioral therapy as a treatment that should be used adjunctively with standard of care.
Forward Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements in this press release include, but are not limited to, statements regarding Better Therapeutics’ expectations related to the efficacy and potential benefits of PDTs, including AspyreRx, and CBT, and their potential treatment applications and their ability to improve clinical outcomes, expectations regarding the rebate agreement and the potential for the rebate agreement to increase accessibility and coverage of Better Therapeutics’ products, and expectations regarding the commercial traction of AspyreRx and partnering and coverage discussions, among others. These forward-looking statements are based on the current expectations of the management of Better Therapeutics and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements including: risks related to Better Therapeutics’ business, such as the willingness of the FDA to authorize PDTs for commercial distribution and insurance companies to reimburse their use, market acceptance of PDTs, including AspyreRx, the risk that the results of previously conducted studies will not be interpreted favorably by the FDA or repeated or observed in ongoing or future studies involving Better Therapeutics’ product candidates and other risks and uncertainties included under the header “Risk Factors” in Better Therapeutics’ quarterly report on Form-10-Q for the fiscal quarter ended September 30, 2023 filed with the Securities and Exchange Commission (“SEC”) on November 09, 2023, and those that are included in any of the Company’s subsequent filings with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206600839/en/
Investor Relations and Media Enquiries:
Emma Williams
info@bettertx.com
Source: Better Therapeutics Inc.
FAQ
What is the ticker symbol for Better Therapeutics Inc.?
What is the rebate agreement about?
When was AspyreRx™ launched?
When did Better Therapeutics receive FDA authorization for AspyreRx™?
Who is the President and CEO of Better Therapeutics?
