Wednesday, January 29, 2020
New
plan design from CVS Caremark eliminates member cost as a barrier to medication
adherence without raising costs for benefits plan sponsors or increasing
premiums or deductibles
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today
announced a new solution eliminating member out-of-pocket costs associated with
all diabetes prescription medications, including insulin. Offered through the
company's pharmacy benefit manager (PBM), CVS Caremark, RxZERO enables
employers and health plan sponsors to leverage formulary and plan design
approaches to offer all categories of diabetes medications at zero dollar out
of pocket for their members without raising costs for the plan sponsor or
increasing premiums or deductibles for all plan members.
"Eliminating
out-of-pocket costs for diabetes medications ensures long-term affordability,
improves adherence, and most importantly, puts patients on the path to better
health," said Troyen A. Brennen, MD, Chief Medical Officer, CVS Health.
"A person living with diabetes is required to take many tasks to manage
their condition annually. Unfortunately, that can include making difficult
decisions about whether they can afford their medications and fill their
prescriptions."
CVS Caremark analysis
shows that members taking branded diabetes medications spend on average, $467.24 out-of-pocket per year, with nearly 12 percent
spending over $1,000 annually. The new RxZERO
plan design enables plan sponsors to eliminate member out of-pocket costs for
the entire diabetes therapeutic area including oral medications for Type 2
diabetes and fully adhere to American Diabetes Association standards.
"There are more
than 30 million Americans living with diabetes, and far too many of them are struggling
to manage their diabetes because of the high cost of diabetes prescription
medications," said Kelly Mueller, Vice
President of Community Impact for the American Diabetes Association. "The
American Diabetes Association is committed to helping those living with
diabetes thrive, and accessing the medications they need is critical. We are
hopeful that by eliminating out-of-pocket costs for diabetes medications, CVS
Health will remove one of the barriers many people face that prevent them from
managing their diabetes successfully."
"Traditionally, the
focus of affordability for diabetes medications has been on insulin, which is
the cornerstone of therapy for the five percent of people with diabetes who are
living with type 1 diabetes," said Brennan. "However, the new CVS
Caremark solution expands affordable options to include the entire range of
diabetes medications improving affordability for the 95 percent of people with
diabetes who are living with type 2 diabetes."
CVS Health believes that
eliminating out-of-pocket costs for diabetes drugs could be an important
feature to all insurance plans, to help address the growing diabetes epidemic
without increasing other costs such as deductibles and premiums. CVS Caremark
research demonstrates that by leveraging formulary and plan design approaches,
plan sponsors can eliminate member out-of-pocket costs for all categories of
diabetes medications without raising costs for the plan sponsor, or increasing
premiums or deductibles. The analysis demonstrates the approach leads to
savings for plan sponsors through improved adherence and a reduction in overall
medical costs.
This solution, detailed
in a CVS Health white paper, A Prescription for Better Diabetes
Management, is part of CVS Health's integrated
approach to chronic care management and commitment to making care more
affordable, local and easier to navigate. CVS Health also provides supportive
care at its MinuteClinic and new HealthHUB store format that features a broader
range of health care services to help patients better manage chronic conditions
and complement the care that patients receive from their primary care
physicians.
About CVS Health
CVS Health is the
nation's premier health innovation company helping people on their path to
better health. Whether in one of its pharmacies or through its health services
and plans, CVS Health is pioneering a bold new approach to total health by
making quality care more affordable, accessible, simple and seamless. CVS
Health is community-based and locally focused, engaging consumers with the care
they need when and where they need it. The Company has approximately 9,900
retail locations, approximately 1,100 walk-in medical clinics, a leading
pharmacy benefits manager with more than 102 million plan members, a dedicated
senior pharmacy care business serving more than one million patients per year
and expanding specialty pharmacy services. CVS Health also serves an estimated
38 million people through traditional, voluntary and consumer-directed health
insurance products and related services, including rapidly expanding Medicare
Advantage offerings and a leading standalone Medicare Part D prescription drug
plan. The Company believes its innovative health care model increases access to
quality care, delivers better health outcomes and lowers overall health care
costs. Find more information about how CVS Health is shaping the
future of health at https://www.cvshealth.com.
Media Contact
Trey Hollern
401-430-6717
trey.hollern@cvshealth.com
401-430-6717
trey.hollern@cvshealth.com
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