Improving Medication Affordability: Integrated Solutions for Pharma
There's no one-size-fits-all prescription drug affordability program. But with a suite of solutions combining data-driven automation and human expertise, we help pharmaceutical companies create programs to improve medication affordability for patients who depend on them.
With more patients than ever struggling to pay for the medicine they need, there’s a risk that people won’t properly adhere to their prescribed therapy, skipping doses to make the prescription last longer. Or they may never start the therapy at all — because they can’t afford it.
A CoverMyMeds patient survey found that 60% of patients discovered their prescription cost more than expected, causing 1 in 4 patients to abandon their medication.CoverMyMeds Patient Survey, 2022 This unfortunate situation is clearly a barrier to positive health outcomes. CoverMyMeds helps to break down barriers between providers, pharmacies and payers to help patients access and afford medications.
How CoverMyMeds can help pharma companies improve medication affordability
- Creating Data-Driven Affordability Programs
- Automating Copay Savings at the Pharmacy
- Simplifying Specialty Hub Solutions for Providers
- Outsourcing Patient Assistance Programs
CREATING DATA-DRIVEN AFFORDABILITY PROGRAMS
For healthcare providers, CoverMyMeds offers a comprehensive suite of solutions tightly integrated with our electronic prior authorization platform. Beyond prior auth, our patient-centric affordability programs help people overcome affordability barriers at the pharmacy.
We're already integrated in most systems where pharmacists do their everyday work. So, the affordability solutions we help pharmaceutical companies create are baked into those workflows, making it easier for most pharmacies to utilize them for the benefit of the patient.
With a combination of rich data sets, specialized experience and personalized support, we can help a pharmaceutical brand develop an affordability strategy that meets patients’ growing need for assistance.
There are so many system rules and strategies that we can help pharma companies put in place. For example, CoverMyMeds collaborates with the pharma company to help optimize patient affordability strategies based on historical, anonymized behavioral data related to patients’ purchases of a particular therapy.
As the needs of a brand change, the system's rules can be revised and updated. For example, as new competitor brands enter the market, a pharma company may choose to add new affordability solutions to help more patients afford their therapies. As the brand evolves, leaders can lean on the CoverMyMeds team to provide support that helps ensure their affordability program performs as needed.
AUTOMATING COPAY COUPON SAVINGS AT THE POINT OF SALE
CoverMyMeds' automated copay coupon program is extensively accessible within the existing workflows around 50,000 retail pharmacies. For eligible patients, our coupon program lowers copay costs, helping alleviate out of pocket expenses.
Applied automatically at the point of sale, this turnkey program helps prevent pharmacy workflow disruptions. It’s all automated in the background. When the patient fills their prescription, the system looks through the support solutions that the pharma company has in place to help patients, and automatically applies patient copay assistance to eligible patients.
Leveraging CoverMyMeds real-time connectivity with pharmacies and payers – in addition to automatically applying copay assistance – eligible patients can also present traditional copay cards to help save more on their prescriptions.
CoverMyMeds breaks down barriers between providers, pharmacies and payers — to help make sure affordable medications are easily accessible to patients.
SIMPLIFYING SPECIALTY HUB SOLUTIONS
Because specialty brands can be expensive, patients often need as much help as they can get to afford these medications. From copay assistance to patient assistance programs and free drug programs, our hub-integrated solutions help remove affordability barriers.
In addition to embedded hub services, CoverMyMeds provides standalone affordability solutions that can integrate with third-party hub providers. By providing a single point of access, CoverMyMeds makes it easier to get patients enrolled into hub programs that connect the patient to the right affordability option for them.
For our pharma customers, this integration means simplified workflows. In the development of our solution, CoverMyMeds prioritizes interoperability, which helps increase visibility into how programs work together, including longitudinal patient journey data.
COVERMYMEDS OFFERS COMPREHENSIVE AFFORDABILITY SOLUTIONS FOR SPECIALTY BRANDS:
- Copay Assistance Programs
- Patient Assistance Programs (PAPs)
- Non-commercial Drug Programs (Quick Start, Bridge and Free Trials)
OUTSOURCING PATIENT ASSISTANCE PROGRAMS
Building and managing patient assistance programs can be very time-consuming. CoverMyMeds can help you build a strategy, help with intake enrollments, confirm patients meet the eligibility requirements, manage inventory and filling, and ship medications to eligible participants through our pharmacy dispensing network.
By collaborating with CoverMyMeds to outsource patient assistance programs, a pharma company can help more patients overcome affordability barriers and benefit from much-needed therapies. Applying rich data sets and our deep industry experience, CoverMyMeds can help you design a program that is optimized to help conserve operational costs and maximize funds directed to patients.
A non-commercial drug program can be designed to support patients who would never even walk into a pharmacy because they can’t afford their prescriptions. Providers can enroll the patient in a patient assistance program, or a patient can self-enroll, and then CoverMyMeds does the work to verify the patient is eligible. Once the application is approved, CoverMyMeds manages the patient interactions on the pharma company’s behalf.
We also house, fill and ship medications directly to the patient through our connected national network of pharmacy facilities. Our facilities are positioned adjacent to McKesson's core supply chain and logistics infrastructure, enabling us to avoid interruption in materials supply, maximize distribution efficiency and utilize industry-leading process and management systems.
Gain a partner to help your pharma brand break down barriers to affordability
At CoverMyMeds, we offer a consultative approach, grounded in technology and deep industry knowledge. For over a decade, we’ve offered pharma companies a tailored approach to support strategic goals related to access and affordability.
In the last year alone, we’ve helped patients save more than $8.8 billion on brand and specialty medications.Based on CoverMyMeds affordability solution data for calendar year 2023 We also helped to prevent an estimated 10.7 million prescriptions from being abandoned due to affordability challenges,Based on CoverMyMeds affordability solution data for calendar year 2023 and helped patients access their medicine more than 94 million times.Based on CoverMyMeds prior authorization volume data for calendar year 2023
With end-to-end solutions that cover the entire patient journey, we can help break down barriers to affordability and unlock the potential for improved health outcomes for all. To learn more about how CoverMyMeds can help you optimize your brand strategy, visit this page covering medication affordability solutions.
Attending Informa’s upcoming Copay, Reimbursement and Access Congress in Philadelphia? Don’t miss my colleague Megan Wetzel present “Enhancing Patient Affordability – How Pharma Can Design and Implement Effective Copay Programs" on Nov. 19, 2024.
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