SXC HEALTH SOLUTIONS RECEIVES RX BENEFIT INNOVATION AWARD
The Pharmacy Benefit Management Institute Recognizes SXC’s Innovative Efforts to Deliver Real-time, Consumer-Centric Benefit Management Tools
The Pharmacy Benefit Management Institute ("PBMI"), which provides research, continuing education, publications and Web resources that help health care benefit executives work effectively with their pharmacy benefit managers, recently awarded SXC their Rx Benefit Innovation Award. SXC received the award for RxPORTAL™, its pharmacy benefit management tool that enables drug benefit plan sponsors to engage plan members in understanding drug costs and choosing lower-cost, clinically-appropriate alternatives.
Analysis of trial adjudications submitted through SXC’s RxPORTAL indicated that nearly 40% of consumers who used the tool to investigate more cost-effective drug alternatives made the decision to use a lower cost product. These consumers realized an average savings of $41.80 per prescription. RxPORTAL’s trial adjudication functionality is one of a wide range of innovative solutions SXC offers plan sponsors to increase the use of cost-effective drugs—saving money for both the plan sponsor and plan participants.
"We are very proud that PBMI has chosen SXC for this prestigious award and view it as further validation of the importance of our business model," said Mark A. Thierer, President and Chief Operating Officer, SXC Health Solutions. "We arm our clients and their members with the tools required to take an active role in their healthcare decision-making, to compare product and service alternatives, and to save money. We are building our business and revolutionizing the pharmaceutical services and PBM industry by providing the pharmacy benefit services that our customers need to achieve their operational objectives and to lead industry trends, such as the movement towards more self-directed healthcare."
"RxPORTAL improves the value of the drug benefit by empowering consumers," said Dana H. Felthouse, MBA, president of PBMI. "This exciting technology illustrates SXC’s commitment to helping consumers make informed decisions about prescription drug purchases, which helps both consumers and plan sponsors save money."
Reflecting SXC’s commitment to lowering its clients' prescription drug expenditures, RxPORTAL™ improves the delivery of benefits by giving plan participants access to up-to-the-minute plan-specific information to make educated, cost-effective decisions. This enhancement to the Company’s extensive PBM tool set enables plan participants to run real-time trial adjudications to compare the cost impact of prescription drug alternatives, based on their own benefit design. Plan participants also can access quality and safety information on their prescription alternatives and identify the nearest pharmacy offering the best price.
With billions of dollars in brand pharmaceuticals coming off patent, RxPORTAL’s trial adjudication feature helps members assess the savings of moving from a brand drug to a newly released generic, encouraging a quick move to the lower cost generic product. This enables both plan sponsors and plan participants to benefit from the savings quickly without compromising therapy or simply shifting cost to plan participants.
