Rx Save Card provides a pharmacy benefit solution that enables employers to fund a card for employees, allowing them to access the lowest cash prices for medications at over 65,000 pharmacies. This approach reduces prescription costs by 40% to 60% without requiring changes to existing Pharmacy Benefit Managers (PBMs).
Funding
Funding not disclosed
Founders
Product
Problem
Employers and employees often overpay for prescription drugs due to opaque pricing and limited choices within traditional Pharmacy Benefit Manager (PBM) contracts. Existing pharmacy benefit plans may not provide access to the lowest available cash prices, leading to unnecessary expenses and potential fiduciary risks for employers.
Solution
RxSaveCard provides a pharmacy benefit solution that empowers employers to offer employees access to the lowest cash prices for medications, independent of their existing PBM. The platform leverages a virtual card funded by the employer, which employees can use at over 65,000 pharmacies, including online options like Mark Cuban Cost Plus Drugs. RxSaveCard automatically compares cash prices from multiple discount cards at the point of sale, ensuring the lowest possible cost. By accessing lower cash prices and manufacturer-direct offers, employers can reduce prescription costs by 40% to 60% on many common prescriptions, while also fulfilling their ERISA fiduciary duties.
Target Audience
RxSaveCard is designed for self-funded employers seeking to reduce prescription drug costs for their employees while ensuring ERISA compliance.
Features
- Employer-funded virtual card for employee prescription purchases
- Access to over 65,000 pharmacies, including major chains, grocery stores, and online pharmacies like Mark Cuban Cost Plus Drugs
- Automatic comparison of cash prices from multiple discount cards at the pharmacy counter
- Access to manufacturer-direct pricing, such as Eli Lilly's Zepbound program
- Savings of 40-60% on many common prescriptions
- Compliments existing PBMs without requiring a change in providers
- Supports the purchase of weight-loss drugs (GLP-1s) at cash prices
- Facilitates access to biosimilar and specialty generic drugs through Mark Cuban Cost Plus Drug Company