Mark Cuban’s Value Plus Medicine Turns Focus to Employers

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After launching as a director-to-consumer startup in January, the Mark Cuban Value Plus Drug Firm is popping to the employer market. 

The Dallas-based firm introduced Thursday that it’s teaming up with pharmacy profit supervisor EmsanaRx to launch EmsanaRx Plus, a product that provides employers entry to low-cost prescription medicines.

Value Plus Medicine sells practically 1,000 prescribed drugs — typically at 80% lower than widespread generic medicine — which can be delivered to customers’ properties. Louisville, Kentucky-based EmsanaRx, in the meantime, works with self-funded employers to supply pharmacy advantages. The PBM was created by Purchaser Enterprise Group on Well being, a nonprofit representing 40 employers and public healthcare purchasers.

EmsanaRx Plus is a standalone product that “dietary supplements” self-funded employers’ present drug profit choices, mentioned Greg Baker, CEO of EmsanaRx. The product provides employers and their staff entry to Value Plus Medicine’ discounted medicines. Employers who join EmsanaRx shall be charged a flat-dollar-per-prescription price, Baker mentioned.

“[EmsanaRx Plus] controls the ever-increasing rise in healthcare prices for employers by delivering medicines at considerably lowered charges opposite to the monetary fashions intact at conventional PBMs and pharmaceutical producers, which take important revenue by padding drug prices earlier than the reductions are utilized,” Baker wrote in an electronic mail.

Value Plus Medicine selected to interrupt away from promoting solely to customers as a result of it permits “us to save lots of the healthcare system total cash by providing a approach to save employers tens of millions of {dollars} on their healthcare spend,” wrote Alex Oshmyansky, founder and CEO of the corporate, in electronic mail. Employers cowl medical health insurance for about half of all People, in response to eHealth.

He added that it furthers Value Plus Medicine’ mission to be a disruptor within the prescription drug house.

“It helps get us nearer to eliminating the follow of wildly inflated pretend ‘checklist’ costs of prescribed drugs which sufferers are sometimes requested to pay, notably if they’re on a excessive deductible plan,” Oshmyansky mentioned.

Mark Cuban mentioned it is a mission EmsanaRx shares.

“Like Value Plus Medicine, EmsanaRx is working to disrupt the present pharmacy provide chain to remove the pointless markup and profiteering that’s burdening companies and customers with excessive drug prices,” Mark Cuban mentioned in a information launch.

EmsanaRx is the second PBM Value Plus Medicine has partnered with, after asserting in September it teamed up with Rightway. The prescription drug firm additionally introduced its first insurer companion in October; members of Capital Blue Cross may have entry to Value Plus Medicine’ medicines beginning in 2023.

It stays to be seen how profitable Value Plus Medicine shall be in taking market share away from massive PBMs, who typically work with advantages consultants that give steerage to employers. Particularly on condition that the massive consultants typically have entrenched relationships with the main PBMs.

Picture credit score; hillwoman2. Getty Photographs

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