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%.
Extreme couponing is a cultural phenom featured on reality TV, but coupons are not just for the grocery store anymore. Pharmaceutical companies got in on the action. The general idea around offering a coupon is to attract consumers to your higher-priced product by offering a limited-time discount.
In an era where data is king, HealthTech companies are successfully driving effective drug cost-control strategies by leveraging analytics, demographic statistics, and care team insights. Since Congress enacted the HITECH Act, which offered financial incentives to health facilities to adopt Electronic Health Records (EHRs), health information entered the digital age. The wealth of health data combined with new Artificial Intelligence (AI) improvements has dramatically increased the computing capacity to process and analyze mountainous volumes of electronic patient data and drug price information.
Generic drug shortages are becoming a chronic condition in the United States. Shortages lead to a domino effect across the healthcare landscape because the lowest-cost medication is not readily accessible. Last week, the Federal Trade Commission (FTC) and the Department of Health and Human Services (HHS) issued a Request for Information to Group Purchasing Organizations (GPOs) and drug wholesalers to investigate how competition, contracting, and regulatory policies impact generic drug availability. Missing from the discussion is how HealthTech companies could manage the gaps.
Cashpay or copay? For members, the choice can be a conundrum. In some cases, cashpay is less money out of their pocket. However, using the copay goes toward a deductible that will save money in the long-term. The calculus is enough to frustrate even the most reasonable person.
As we enter 2024, health plans and employers face a complex and challenging scenario shaped by escalating drug costs. The annual increase in drug prices that hit every January is more than a budgetary concern; it’s a critical issue in healthcare affecting the accessibility and well-being of employees and plan members. RazorMetrics has a solution to help self-funded employers and health plans make a dent in pharmacy budgets.
RazorMetrics, a healthcare technology company focused on lowering drug costs that started a short 5 years ago, has shown exponential growth. From 2021 to 2022, the company grew 2x; from 2022 to 2023, RazorMetrics grew 11x. The rapid growth is a reflection of how important saving money on drug costs is around the country for employers, employees, health plans, and their members.
A recent survey by the Commonwealth Fund is downright embarrassing. Compared to nine other high-income countries, the U.S. stands alone in its wide disparity in healthcare access, both within the country between lower and higher-income individuals and also between high-income people in other countries.
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