RxPreferred Benefits, a US-based pharmacy benefits manager, and Mark Cuban Cost Plus Drugs, PBC (Cost Plus Drugs), have announced a new partnership focused on improving healthcare access and lowering drug spend.
With this venture, employers and their members utilizing RxPreferred for their pharmacy benefit will have access to all medications available through Cost Plus Drugs within their benefits package, with future plans to expand this offering along with local independent pharmacies, the company said.
“Our partnership with RxPreferred is another step in bringing transparency to healthcare and lowering drug costs for individuals and families across the country,” said American entrepreneur Mark Cuban.
Healthcare and prescription drug spending has reportedly been a rising concern for individuals and companies hosting their insurance benefits plan or plan sponsors. The pricing of drugs and schematics behind the industry is complex. It has traditionally been veiled from the end-consumer, leading to the need for transparency and control back in the hands of those ultimately paying for the drugs.
“There is an education component for employers and employees needed to help people and their families access the appropriate medications at the best possible costs and live healthy lives,” said Jeff Malone, chief executive officer (CEO), RxPreferred.
With this partnership, RxPreferred and Mark Cuban Cost Plus Drug Company will bring together employer-sponsored benefits with the option to use Cost Plus Drugs as part of their plan, previously only offered to individuals outside their insurance package.
Established in 2011, RxPreferred aims to transform healthcare with transparent custom pharmacy solutions. It works with employers nationwide to administer its pharmacy benefits plan.
The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry by providing generic drugs through direct contracts with manufacturers and charging a standard markup on every drug it sells.
This partnership is the next iteration of strategic innovation it provides its customers as part of an ever-evolving environment with the goals of sustainable prescription drug spend, improved member access, and transparency for employers and their members.