SmithRx is leading the industry with cutting edge PBM technology. Follow us behind the scenes as we work towards modernizing an outdated industry.
SmithRx Announces $20 Million Series B Led by Venrock
San Francisco, California — 10 March 2022, 9:30 AM PT — SmithRx, a next-generation pharmacy benefits management company, today announced the closing of a $20 million series B financing round, following a year of record growth in which the company surpassed 1,100 employer clients. Venrock led the oversubscribed round and was joined by existing investors,… Continue reading SmithRx Announces $20 Million Series B Led by Venrock
Mark Cuban’s Cost Plus Pharmacy Unpackaged
There has been a lot of buzz recently around the new Mark Cuban Cost Plus Pharmacy. Similar excitement occured last year when Amazon announced the integration and rebranding of PillPack into the Amazon Prime experience as Amazon Pharmacy. The excitement around these known disruptors jumping into the pharmacy ecosystem demonstrates how hungry America’s employers and… Continue reading Mark Cuban’s Cost Plus Pharmacy Unpackaged
SmithRx collaborates with EHIR and industry leading PBMs to create an employer guide to pharmacy benefits
The use of Pharmacy Benefits Managers (PBMs) is the most common method implemented by employers to facilitate providing a pharmacy benefit to their employees and dependents. Unfortunately, for these employers the inter-workings of a PBM are a black box filled with misaligned incentives and no real insight into the true cost of medications. As a… Continue reading SmithRx collaborates with EHIR and industry leading PBMs to create an employer guide to pharmacy benefits
What is a Drug Acquisition Platform, and how is it different from a traditional PBM?
Pharmacy benefit managers (PBMs) were established in the 1980’s as a solution to facilitate the electronic transaction between pharmacies and plan sponsors (employers). Over time their role has evolved into not only managing the transactional aspects of the process but also controlling costs. As they gained increasing control of the market, they were able to… Continue reading What is a Drug Acquisition Platform, and how is it different from a traditional PBM?
Your PBM says they met their guarantees, but did they save you money?
We have previously discussed the standard methods used to evaluate PBMs and how contract definitions can impact PBM accountability in complex ways. In addition to contract definitions, another critical aspect to driving PBM accountability is understanding drug utilization mix. If you evaluate PBM performance using aggregate pharmacy network discounts and rebate payments (which is the… Continue reading Your PBM says they met their guarantees, but did they save you money?
Why are drug prices so high? The answer in two charts
It’s clear to most Americans that our medical costs are higher than they should be, and that drug prices in particular are growing out of control. These rising costs place a massive burden on America’s businesses, particularly small- and medium-sized businesses, as well as American families directly.
PBM contract guarantees 101: network discounts and manufacturer rebates
We are approaching the last quarter of the year which means renewal season for many self-funded employers. It is a great time to take a step back and think about your pharmacy benefits contract. The standard pharmacy benefits contract utilizes two main components to hold PBMs accountable to their performance