CVS Health’s Caremark pharmacy benefit management (PBM) company and GoodRx are launching a service … [+]
CVS Health’s Caremark pharmacy benefit management (PBM) company and the drug discount app GoodRx are launching a service they hope will lower drug costs for commercially insured Caremark prescription plan members.
The companies Wednesday introduced the “Caremark Cost Saver,” to help lower pharmacy out-of-pocket drug costs for CVS Caremark clients’ members. The new program will allow eligible members of Caremark to access GoodRx’s prescription pricing, “to allow them to pay lower prices, when available, on generic medications in a seamless experience at the pharmacy counter,” the companies said.
Financial terms of the partnership were not disclosed.
CVS and GoodRx said the amount a plan member pays “will automatically be applied to plan members’ deductible and out-of-pocket thresholds.” No action is required by the plan member who will continue to use their existing benefit card at their preferred network pharmacy.
“This program will bring GoodRx discount pricing to commercially insured plan members filling many commonly prescribed generic prescriptions at in-network pharmacies, starting January 1, 2024,” the companies said in a joint release.
Though limited to CVS Caremark’s commercially insured plan members, CVS said the drug discount program will help “tens of millions of CVS Caremark clients’ members.”
“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,” said David Joyner, Executive Vice President, CVS Health and President, CVS Caremark. “By lowering out-of-pocket costs for our clients’ members, Caremark Cost Saver will help patients afford to take their medicine as directed.”