SmithRx Unveils 2024 Growth Momentum, Reducing Pharmacy Benefit Costs by an Average of 30%

Leading modern PBM reached over 4,000 employer clients

SAN FRANCISCO: SmithRx, a transparent, 100% pass-through modern pharmacy benefits manager (PBM), this week published its newest report, “SmithRx: Milestones and Momentum in 2024,” which unveiled the company’s significant growth, cost savings, customer satisfaction, and market traction from 2024. The momentum SmithRx achieved over the past year is a direct result of the company’s commitment to challenging legacy models, driving innovation, and delivering value beyond dollars and cents – reflecting how SmithRx is building a new pharmacy benefits system that works for employers and employees alike.

As reported in “SmithRx: Milestones and Momentum in 2024,” the company has achieved meaningful results across several core areas of the business:

• Business Performance
  • Partnered with 363 new clients, bringing SmithRx’s total customer base to over 4,000 clients;
  • Saved clients an average of $25 per-member-per-month (PMPM) using Connect 360, SmithRx’s comprehensive suite of cost-saving programs;
  • Achieved more than $200M in savings for clients with minimal member disruption. 95% of members who moved to SmithRx experienced no disruption to their benefits;
• Connect 360 Achievements
  • Transitioned 80% of claims to Humira biosimilars like Yusimry, resulting in a 70% cost reduction for autoimmune medications;
  • Delivered 98-99% cost savings on Multiple Sclerosis medications by sourcing generic alternatives – including the use of teriflunomide, a $16 30-day supply generic equivalent to commonly prescribed aubagio, which lists for $11,215;
  • Saved an average of $800 off the Ozempic list price per claim per month by using alternative medications, and introduced a $0 co-pay option for diabetes and obesity management;
• Customer Experience Excellence
  • Achieved a 4.4 out of 5 member satisfaction score by bringing hands-on, technology-enabled support to every member interaction;
  • Decreased average support call wait times to less than 7 seconds;
• Clinical and Pharmacy Access
  • Maintained average standard prior authorization (PA) turnaround time of three calendar days;
  • Expanded pharmacy access to over 65,000 pharmacies across the country including large chains and independents, and major mail-order carriers;
• Technology Platform
  • Introduced several practical technology updates to improve the efficiency and transparency of pharmacy benefit management, including:
    • Partner Portal 2.0: An upgraded platform providing clients with comprehensive access to key claims data, reports, and member coverage management tools;
    • Real-Time Prior Authorization Tracking: A new feature enabling members to monitor the status of their prior authorization requests in real-time, ensuring transparency and timely updates;
    • Live Chat & Virtual Agent: Provides instant support and personalized assistance through convenient communication channels.
• Industry Leadership
  • Introduced an entirely new framework for evaluating PBMs in SmithRx’s PBM Evaluation Guide, providing companies with the tools they need to make informed decisions about their pharmacy benefits programs;
  • Continued to offer the most transparent pricing structure in the industry, including:
    • Pass-Through Pricing: Charging the exact cost of medications without markups, offering complete visibility and fairness;
    • Flat Administrative Fees: Consistent and predictable fee structure that replaces spread pricing, simplifying budgeting and cost management;
    • Rebate Pass-Through: Help maximize savings and ensure full transparency by returning 100% of rebates to clients.

“The headlines around pharmacy benefits are filled with stories of hidden fees, opaque systems, and money made at the expense of people who just want to live healthier lives,” said Jake Frenz, founder and CEO of SmithRx. “We built SmithRx to be an exception in a broken system – and we’ve proven that it’s possible to reduce costs for our clients and members without inflating our own profits. Our success throughout 2024 and beyond shows that a better, more ethical model does work, and we’re eager to continue building on this momentum in 2025.”

SmithRx’s 2024 growth comes with continued validation of its transparent, 100% pass-through model, which helps significantly lower costs for employer clients. Paired with Connect 360’s innovative savings programs, SmithRx’s approach to pharmacy benefits drives cost reduction for clients by an average of 30% or more.

To learn more about SmithRx’s landmark achievements in 2024, download “SmithRx: Milestones and Momentum in 2024” – or visit www.smithrx.com for more information.

About SmithRx

SmithRx is revolutionizing the pharmacy benefits industry with a radically transparent, 100% pass-through model. As a modern PBM, the company is dismantling the opaque practices that have long dominated the industry and driven up drug costs. SmithRx serves businesses of all sizes, providing them with the tools and insights to make informed decisions about their pharmacy benefits. Unlike legacy PBMs, SmithRx operates on a fully transparent, aligned-incentive model, passing through 100% of rebates and discounts and eliminating hidden fees. By offering real-time prescription pricing and detailed savings reports, SmithRx empowers employers and members alike.

Fonte: Business Wire