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Elixir Launches Specialty Generic Enhancement that Leads to Thousands in Annual Savings for Plan Sponsors and Members
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Rhea-AI Summary
Elixir, a subsidiary of Rite Aid (NYSE: RAD), launched a specialty generic medication enhancement effective June 1, 2022. This allows members to access certain specialty medications at a $0 copay, potentially saving up to $40,000 annually. The program aims to address the rising costs of specialty drugs, encouraging the use of FDA-approved generics. In 2021, Elixir's managed copay solutions saved over $25 million for clients. Elixir emphasizes that this initiative not only reduces costs for plan sponsors but also improves medication adherence for members.
Positive
Launch of $0 copay specialty generic medication program potentially saving up to $40,000 annually for members.
Previous managed copay solutions saved over $25 million in 2021.
Program encourages use of FDA-approved generics, reducing overall claim costs.
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None.
PHILADELPHIA--(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
