CVS Caremark and GoodRx have announced the upcoming launch of a program to help members pay lower out-of-pocket prices on generic medications at the pharmacy counter.
The new Caremark Cost Saver program offers automatic access to GoodRx’s prescription pricing for CVS Caremark’s eligible members, while continuing CVS Caremark’s drug safety review system, the companies said in a Wednesday (July 12) press release.
Additionally, the amount paid will automatically be applied to plan members’ deductible and out-of-pocket thresholds, making the system easier to use, according to the release.
“We work every day to provide a more affordable drug benefit for our CVS Caremark clients and their plan members, and this collaborative prescription discount solution enables us to dynamically shop for the best price on their behalf,” David Joyner, executive vice president of CVS Health and president of CVS Caremark, said in the release.
The program, which will start Jan 1, is designed to lower out-of-pocket drug costs for CVS Caremark clients’ members filling commonly prescribed generic prescriptions at in-network pharmacies.
“Healthcare only works when patients can afford it, which is why we are excited to work with CVS Caremark to combine their great value with automatic access to our low prices on prescriptions,” Scott Wagner, interim CEO of GoodRx, said in the release.
PYMNTS research has found that 92% of consumers have faced problems while paying healthcare expenses and are at least somewhat interested in using a unified digital platform for managing their healthcare needs.
Healthcare is joining the long list of industries in which the economy’s digital shift has taken hold, according to “Healthcare In The Digital Age: Consumers See Unified Platforms As Key To Better Health,” a PYMNTS and Lynx collaboration.
The upcoming offering from CVS Caremark and GoodRx arrives at a time when Amazon and Walmart are battling it out over the healthcare industry, as they are for so many other areas of consumer spend.
The first steps the two retail giants took into this industry were their launches of low-cost prescription services.
Walmart’s pharmacy business is one of its core offerings, and Amazon has made significant strides in the space.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More