CVS Caremark, a CVS Health subsidiary specializing in prescription benefit management, has partnered with California-based healthcare company GoodRx to launch Caremark Cost Saver. This joint initiative aims to decrease pharmacy out-of-pocket drug expenses for CVS Caremark’s clientele.
Caremark Cost Saver is primarily geared towards offering competitive prices for commonly prescribed non-specialty generic medications. The initiative not only simplifies the member experience by eliminating the need for extensive price comparisons but also ensures accessibility to the most cost-effective prices.
“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 at CVS Health and president of CVS Caremark, in the news release. “By lowering out-of-pocket costs for our clients’ members, Caremark Cost Saver will help patients afford to take their medicine as directed.”
How Does Caremark Cost Saver Work?
Caremark Cost Saver grants eligible members access to GoodRx’s prescription pricing, allowing them to secure lower costs on generic medications whenever possible. The procedure is straightforward for members. They simply present their CVS Caremark ID card at their chosen in-network pharmacy when collecting their prescription. The payment is then automatically applied to their deductible and out-of-pocket threshold, with no additional action needed from the member.
Incorporating GoodRx into the program guarantees a more efficient experience in the ever-evolving market, ensuring members always receive the most competitive price for their prescription drugs. Starting January 1, 2024, this program will extend GoodRx discount pricing to commercially insured plan members who fill prescriptions for frequently used generic medications at in-network pharmacies.
The Benefits of Caremark Cost Saver
Through this joint prescription discount solution, the company proactively seeks out the best price on behalf of CVS Caremark clients, with an ongoing commitment to making drug benefits more affordable. Caremark Cost Saver aims to minimize out-of-pocket costs for members, making medication adherence more financially viable. The program allows customers to save money on their medications by combining their pharmacy benefit and GoodRx discounts at the counter, guaranteeing they always pay the lowest price, and providing peace of mind. This partnership has the potential to vastly improve the lives of the millions of Americans served by CVS Caremark.
In addition, members will continue to benefit from CVS Caremark’s stringent drug safety review process, which involves extensive health and safety assessments. This thorough review aims to identify and alert patients about any potentially harmful drug interactions, helping members to make informed decisions about their medications and avoid adverse effects.
“Through this program, patients don’t have to choose between using their pharmacy benefit or using GoodRx to save on their prescriptions — now they can do both right at the counter so they have confidence they are always paying the lowest available price. This collaboration can make a meaningful difference for the tens of millions of Americans that CVS Caremark serves,” said Scott Wagner, interim CEO of GoodRx, in the news release.