2.3% of Medications Account for 30% of Costs
May 12, 2014
Specialty drug costs continue to shock the market. Major outlets carried stories on specialty drug pricing following an IMS report that showed higher overall drug spending was being driven by expensive new drugs. The report showed, “30 percent of total patient out-of-pocket costs relate to just 2.3 percent of prescriptions, often high-cost specialty medicines.”
Several stories highlighted a newly-approved Hepatitis C treatment that costs $84,000 for 84 pills. Meanwhile, specialty drug FDA approvals are expected to increase as a percentage of overall drug approvals. Express Scripts issued a warning that the US specialty-drug spend will increase an additional 63% between 2014 and 2016.
As you can see from these trends, there has never been a greater need for evidence-based prescription optimization. RxREVU is proud to offer the only solution that provides cost-saving strategies and alternatives for all specialty drugs on the market to date. It’s critical that patients have options to these sometimes unaffordable, expensive new drugs.
In addition to completing our first round of specialty drug alternatives, we’ve also added a new member to our team, Scott Ward, Senior Vice President of Sales. We are genuinely excited to have Scott on board to grow our sales pipeline and build out our sales team.
We continue to make progress with our prescription optimization platform as we’ve implemented cloud based geographic redundancy to ensure 99.99% uptime for our API. Meanwhile, we’ve received a good deal of press including an appearance on CNBC that aired worldwide early in April.
We are on course to have a great May and look forward to supporting our customers, physicians and patients in lowering prescription drug costs and making healthcare more affordable for all.
If you are interested in immediately lowering costs for your customers or your organization, please contact us. We’d be happy to analyze de-identified claims data to demonstrate how much money we can save with our optimization techniques.
Chief Executive Officer
2014 Digital Health Summit Presented by Aetna
April 8th. RxREVU met with leaders of Colorado Health Tech Community as part of the biggest health tech event in Colorado. Speakers included iTriage Co-founder Peter Hundson and Michael Palmer, Chief Innovation and Digital Officer, Aetna Innovation Labs.
StartupHealth Healthcare Transformer Summit – April 8 & 9 – NY, New York
RxREVU participated in the 2-day event that kicking-off participation of the new class of healthcare innovation start-ups and announced the close of seed financing. This event was hosted at Google Headquarters, and it was great to meet many of the talented members of their team.
HealthDataPalooza, June 1-3, Washington DC
RxREVU will be participating in the 3-day event put on by the Health Data Consortium. Speakers will include AHIP CEO Karen Ignagni, HHS Secretary Kathleen Sebelius, US CTO Todd Park, Susannah Fox, Vinod Khosla, Steven Brill, Francis Collins, Atul Gawande and many more.
‘Google of Drugs’ Helps Keep Prescription Drug Costs Down
CNBC, April 9,104
RxREVU: Saving you from high prescription costs
Galvanize, April 22, 2014
RxREVU closes initial funding to keep saving patients money
Built in Colorado, April 10, 2014
RxREVU Raises $540,000 for Medication Transparency Tool
MobileHealthNews, April 9, 2014
Startup Health Unveils New Class, Adds Basis Founder as EIR
MobileHealthNews, April 8, 2014
RxREVU Taps API to Optimize Prescriptions
Programmable Web, April 2, 2014