SAN FRANCISCO--(BUSINESS WIRE)--SmithRx, a next-generation pharmacy benefits management (PBM) company, has integrated Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) into its pharmacy network to expand access to affordable prescriptions for its members.
Pharmacy costs have been rising rapidly over the past decade, putting strain on patients and employers throughout the country. SmithRx was founded in 2016 with the goal of reducing these costs by operating with a 100% transparent, pass-through PBM business model. With this approach, SmithRx is forging new pathways to affordable drugs while giving clients full access to their data. SmithRx’s simple per-claim revenue model contrasts with legacy PBMs’ use of spread pricing and is fully aligned with its clients’ affordability goals.
Cost Plus Drugs is pursuing the mission of prescription drug affordability by building an innovative pharmacy model that delivers medications at cost, plus a straightforward 15% markup, along with a $3 dispensing fee and shipping fee. Like SmithRx, Cost Plus Drugs is reinventing their industry by putting transparency, simplicity, and clarity at the forefront of their business model.
SmithRx members will have access to select medications through Cost Plus Drugs within the next quarter.
“As two companies committed to fixing the drug supply chain by putting our clients and patients first and adhering to our common values of transparency and simplicity, the collaboration between SmithRx and Cost Plus Drugs makes a lot of sense,” said Jake Frenz, CEO and Founder of SmithRx. “We are excited to deliver more drug affordability pathways to our members through this relationship.”
“As a practicing physician I saw first-hand the danger of patients not taking their medications because they couldn't afford them,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug Company. “I founded the Mark Cuban Cost Plus Drug Company to help solve this problem and provide a way for patients to receive their medication at an affordable price. We already offer transparent, low prices to cash-pay consumers and are excited to now be working with PBMs like SmithRx to further reduce the cost to patients, and to keep the patient record complete from both a clinical and financial perspective.”
About SmithRx
SmithRx reduces total drug costs and improves health outcomes with 100% pass-through pricing and the world’s most advanced PBM technology. With hundreds of broker and TPA partners, SmithRx has simplified pharmacy benefits with its leading-edge technology and easily-integrated cloud infrastructure, resulting in lower pharmacy costs for employers. Members benefit from SmithRx’s clinical programs and Drug Acquisition Platform to easily manage their prescription benefits and reduce overall drug spend.. With offices in California and Utah, SmithRx was founded with the mission of offering a simple, completely transparent, cloud-based alternative to traditional PBMs. For additional information on SmithRx, visit www.smithrx.com or send an email to marketing@smithrx.com.
About Mark Cuban Cost Plus Drug Company
The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry operates. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. Cost Plus Drugs transparently charges a standard markup on every drug it sells. The costplusdrugs.com online pharmacy launched in January 2022 now carries over 1,000 prescription products, delivered by mail to thousands of happy customers every day. Cost Plus Drugs is working with health plans, managed-care organizations, pharmacy benefits managers (PBMs) and self-insured employers to bring these same savings to employer-sponsored benefit plans nationwide.
