Mercer Launches Mercer SelectRx, a Tech-Enabled Solution Designed to Lower Specialty Drug Costs for Employers and Their Employees
February 29 2024 - 9:00AM
Business Wire
Mercer, a global leader in unlocking real health and well-being
and a business of Marsh McLennan (NYSE: MMC), today launched Mercer
SelectRx, an exclusive product offering that leverages Free Market
Health’s proprietary, cloud-based technology platform to drive
competition among specialty pharmacies for high-cost specialty
medications and savings for employers and their employees.
Prescription medications have been the fastest-growing component
of employee health benefit costs for years, with specialty drugs
rising by more than 10% in 2023, according to Mercer’s 2023
National Survey of Employer-Sponsored Health Plans. With an
estimated 50 new specialty drugs entering the market annually
including ultra-high-cost gene therapies, controlling drug costs
will continue to be a challenge for employers and their
employees.
Mercer SelectRx takes a novel approach to the current
prescription drug supply chain model. Specialty prescriptions are
directed to the platform, which drives competition among a curated
network of specialty pharmacies with the right capabilities to
service the employee. The pharmacy offering the lowest price on the
approved specialty medication is chosen to dispense it, without any
delays in the delivery of the medication to employees or impact to
the drug rebates provided by pharmaceutical manufacturers to the
employers.
While cost savings will vary by employer and prescribed
medication, Mercer SelectRx could save employers and employees up
to 10% off specialty drug spend.
“Healthcare costs, particularly pharmacy benefit costs, are one
of employers’ most unpredictable expenses year after year,” said Ed
Lehman, US Health and Benefits Leader, Mercer. “We expect that
Mercer SelectRx will deliver meaningful savings for employers and
their employees while improving the employee experience. This
solution is a win-win for our clients who are striving to support
the health and wellness of their people and keep healthcare
affordable.”
Mercer SelectRx enables employees to have access to a broader
network of quality specialty pharmacies, including those offering
differentiated care models like integrated care and disease state
specialization, without disrupting an employer’s relationship with
its Pharmacy Benefit Manager (PBM). The tech-enabled model tracks
each specialty claim to fulfillment, without disruption to the
existing patient experience and with a reduction in employee
abandonment of their medications.
Alysha Fluno, pharmacist and National Pharmacy Practice Leader,
Mercer said, "Mercer SelectRx is one example of how we are working
to expand healthcare access and affordability to employees on
high-cost prescription medications. This innovative solution
provides transparency on specialty pharmacy pricing – and
ultimately, meaningful relief for employers and their employees
struggling with the growing challenge of affording high-quality
pharmaceutical care."
Joe Cardosi, Founder and CEO of Free Market Health said,
“Employers are increasingly asking for a new way to manage their
specialty pharmacy spend while ensuring employees receive quality
care. This strategic alliance with Mercer furthers our mission of
efficiently delivering lower-cost, lifesaving, and life-altering
medications into the hands of more patients across the
country.”
Click here for more information about Mercer SelectRx.
About Mercer
Mercer believes in building brighter futures by redefining the
world of work, reshaping retirement and investment outcomes, and
unlocking real health and well-being. Mercer’s approximately 25,000
employees are based in 43 countries and the firm operates in over
130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC),
the world’s leading professional services firm in the areas of
risk, strategy and people, with more than 85,000 colleagues and
annual revenue of $23 billion. Through its market-leading
businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh
McLennan helps clients navigate an increasingly dynamic and complex
environment. For more information, visit mercer.com. Follow Mercer
on LinkedIn and X.
About Free Market Health
Founded in 2019 and headquartered in Pittsburgh, Free Market
Health partners with forward-thinking payers and specialty
pharmacies of all sizes to streamline the complex and opaque
specialty medication fulfillment process to ensure patients have
prompt access to lifesaving and life-altering medications. Free
Market Health opens up a dynamic, care-driven marketplace that
empowers its stakeholders to optimize resources and maximize
opportunities with the goal of balancing the cost of care and the
value that care provides. The company is supported by Questa
Capital, Alta Partners, Highmark Ventures, and 653 Investment
Partners. Learn more at www.freemarkethealth.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240229444878/en/
Media: Ashleigh Jang Ashleigh.Jang@mercer.com (917)
647-0070
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