CerpassRx, an independent pharmacy benefit manager (PBM), has partnered with Waltz Health to tackle the rising costs associated with specialty pharmacy.
The Intelligent Specialty Engine, an AI-driven tool introduced by CerpassRx and Waltz Health, aims to enhance the management of specialty drug expenditures.
Specialty drugs currently account for almost half of all drug spending, which has raised concerns among employers and plan sponsors.
The Intelligent Specialty Engine utilizes AI technology to provide real-time data analytics and management options, improving transparency in drug pricing and the overall experience for patients and plan sponsors.
By directing patients to cost-effective and clinically appropriate pharmacies, the tool streamlines the pharmacy process and reduces complexities in obtaining specialty medications.
The CEO of CerpassRx, Greg Buscetto, believes that innovative tools like the Intelligent Specialty Engine will reshape the industry.
The collaboration between CerpassRx and Waltz Health breaks away from traditional single distribution models employed by larger PBMs, focusing on competition and transparency in the pharmacy landscape.
Jeff Park, the president of Waltz Health, emphasizes that competition drives price reduction and tools promoting competitive pricing are crucial for achieving cost savings.
In addition to financial implications, the Intelligent Specialty Engine enhances the member experience by streamlining the process of acquiring specialty drugs.
This improvement is particularly important as specialty drug procurement often involves insurance approvals and pharmacy coordination.
By prioritizing cost management and patient satisfaction, CerpassRx and Waltz Health are positioned as forward-thinking players in the evolving landscape of pharmacy benefits.
Their collaboration harnesses technology and fosters a competitive environment to address rising drug costs in the healthcare industry.