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Mercer Launches Mercer SelectRx, a Tech-Enabled Solution Designed to Lower Specialty Drug Costs for Employers and Their Employees
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Mercer, a business of Marsh McLennan, launches Mercer SelectRx, a product leveraging Free Market Health's technology to drive competition among specialty pharmacies for cost savings. The platform aims to reduce specialty drug costs by up to 10% for employers and employees, offering a curated network of pharmacies with competitive pricing.
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NEW YORK--(BUSINESS WIRE)--
Mercer, a global leader in unlocking real health and well-being and a business of Marsh McLennan (NYSE: MMC), today launched MercerSelectRx, an exclusive product offering that leverages Free Market Health’s proprietary, cloud-based technology platform to drive competition among specialty pharmacies for high-cost specialty medications and savings for employers and their employees.
Prescription medications have been the fastest-growing component of employee health benefit costs for years, with specialty drugs rising by more than 10% in 2023, according to Mercer’s 2023 National Survey of Employer-Sponsored Health Plans. With an estimated 50 new specialty drugs entering the market annually including ultra-high-cost gene therapies, controlling drug costs will continue to be a challenge for employers and their employees.
Mercer SelectRx takes a novel approach to the current prescription drug supply chain model. Specialty prescriptions are directed to the platform, which drives competition among a curated network of specialty pharmacies with the right capabilities to service the employee. The pharmacy offering the lowest price on the approved specialty medication is chosen to dispense it, without any delays in the delivery of the medication to employees or impact to the drug rebates provided by pharmaceutical manufacturers to the employers.
While cost savings will vary by employer and prescribed medication, Mercer SelectRx could save employers and employees up to 10% off specialty drug spend.
“Healthcare costs, particularly pharmacy benefit costs, are one of employers’ most unpredictable expenses year after year,” said Ed Lehman, US Health and Benefits Leader, Mercer. “We expect that Mercer SelectRx will deliver meaningful savings for employers and their employees while improving the employee experience. This solution is a win-win for our clients who are striving to support the health and wellness of their people and keep healthcare affordable.”
Mercer SelectRx enables employees to have access to a broader network of quality specialty pharmacies, including those offering differentiated care models like integrated care and disease state specialization, without disrupting an employer’s relationship with its Pharmacy Benefit Manager (PBM). The tech-enabled model tracks each specialty claim to fulfillment, without disruption to the existing patient experience and with a reduction in employee abandonment of their medications.
Alysha Fluno, pharmacist and National Pharmacy Practice Leader, Mercer said, "Mercer SelectRx is one example of how we are working to expand healthcare access and affordability to employees on high-cost prescription medications. This innovative solution provides transparency on specialty pharmacy pricing – and ultimately, meaningful relief for employers and their employees struggling with the growing challenge of affording high-quality pharmaceutical care."
Joe Cardosi, Founder and CEO of Free Market Health said, “Employers are increasingly asking for a new way to manage their specialty pharmacy spend while ensuring employees receive quality care. This strategic alliance with Mercer furthers our mission of efficiently delivering lower-cost, lifesaving, and life-altering medications into the hands of more patients across the country.”
Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s approximately 25,000 employees are based in 43 countries and the firm operates in over 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with more than 85,000 colleagues and annual revenue of $23 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit mercer.com. Follow Mercer on LinkedIn and X.
About Free Market Health
Founded in 2019 and headquartered in Pittsburgh, Free Market Health partners with forward-thinking payers and specialty pharmacies of all sizes to streamline the complex and opaque specialty medication fulfillment process to ensure patients have prompt access to lifesaving and life-altering medications. Free Market Health opens up a dynamic, care-driven marketplace that empowers its stakeholders to optimize resources and maximize opportunities with the goal of balancing the cost of care and the value that care provides. The company is supported by Questa Capital, Alta Partners, Highmark Ventures, and 653 Investment Partners. Learn more at www.freemarkethealth.com.
