There are dark clouds on the horizon for the American healthcare system. The Supreme Court struck down a longstanding legal doctrine called the “Chevron deference”
Imagine needing medication to feel well but being told you must try a cheaper, less
effective drug first. This is the reality many Americans are facing due to “step therapy”, a
pharmacy cost-containment practice designed by benefit providers to control rising drug
costs.
Walgreens just announced the closure of 2000 stores out of its 8,600 locations across
the United States over the next three years. The company reported significant financial
challenges and declining profits behind the closure decision. Rural areas will be
particularly hard hit. Walgreens CEO, Tim Wentworth, emphasized the need to adapt to
changing consumer demographics and preferences, marking a shift in their business
strategy to ensure long-term sustainability.
Polypharmacy, defined as taking five or more medications a month, may be appropriate but it is not without risks. RazorMetrics’ report, the State of Drug Access, 2024 found that almost 62% of consumers had trouble with polypharmacy stating side effects, confusion, complicated regimens, and other problems.
RazorMetrics, a healthcare technology company focused on lowering drug costs for health plans and self-funded employers, released their annual State of Drug Access report. The report is based on the findings of a consumer survey conducted through Pollfish, using a random sampling method of 1000 adults (18 years and older).
Have you tried to read your annual health benefits handbook and given up after a couple of pages? Most people just check their yearly deductible and total out-of-pocket amounts but the formula behind that calculus is beyond the first few pages. Health plans and employers that offer insurance collect premiums, but they also try to share the direct costs through copays for doctor appointments and medications.
RazorMetrics, a SaaS-based drug cost solution platform, earned a Service Organization Control 2 (SOC 2) Certification, which is based on five trust service principles: security, availability, processing integrity, confidentiality, and privacy. SOC 2 compliance is only awarded to tech companies after they pass a painstaking, third-party audit.
AUSTIN, Texas, April 25, 2024 /PRNewswire/ — Dr. Siva Mohan, Co-Founder and Chief Medical Officer of RazorMetrics, an Austin-based drug cost reduction platform, is the Best Entrepreneur – Health Products & Services Status: Silver Stevie Winner from the American Business Awards.
Artificial Intelligence (AI) is dominating headlines because it is a powerful tool for transforming healthcare. Rock Health’s latest report shows that health startups utilizing AI have captivated the investment community, drawing in a staggering 40% of the total funding, equating to $1.1 billion across 45 deals. The funding for AI health keeps increasing; it was 33% in 2023 and 29% in 2022.
Thanks to rising pharmacy spending, our 2024 healthcare bills are outpacing national GDP growth. The latest Health Sector Economic Indicator Brief from Altarum revealed an interesting tidbit about what is driving the increase and it’s not what you think. Prescription drug prices only went up by 0.3% in February, but the amount of medication people are taking grew by a whopping 7.7%.
And, we are waiting…
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