Access to medications, for some, can mean the literal difference between life and death. Stories of people skipping drugs they need to survive because they cannot afford the cost have become all too common. One recent example is the sad death of 26-year-old Minnesota resident Alec Smith who was a type I diabetic but was unable to afford the $1,300 monthly cost of his insulin after aging out of his parent’s insurance plan. Smith attempted to ration the medicine and died as a result.
Minnesota lawmakers responded to the tragedy by passing the Alec Smith Insulin Affordability Act, which went into effect on July 1, 2020, and is aimed at preventing similar deaths in the future. In addition, there are currently 11 more states that have passed similar laws since then, and 30 more with legislation in progress.
Pharmacies are the gatekeepers of these drugs, and helping gain access to care is one of the primary challenges in the industry. Often, copay assistance programs are the difference between a sick patient receiving a needed medication or treatment and that same patient suffering needlessly or even dying. That’s why creating the right copay programs for pharmacy partners is of paramount importance for pharmacy manufacturers.
Paysign is dedicated to guiding manufacturers and hub services providers in this arena with our copay solutions. Designed to boost patient acquisition, retention, and adherence, while providing actionable data, Paysign’s customizable Patient Affordability Solutions offset patients’ out-of-pocket costs for drugs and related adjunctive therapy and services. Using our products helps to remove the financial barriers that sometimes prevent continued therapy.
Paysign’s pharmacy-based copay solutions integrate into the existing workflow of retail and specialty pharmacies. Processed in a manner that appears similar to traditional insurance coverage, we utilize the National Council for Prescription Drug Programs (NCPDP) transmission standard to adjudicate claims while abiding by the business rules of our clients. Our copay programs can act as a voucher, funding the full cost of the drug, or as a secondary payor, paying all or part of a patient’s out-of-pocket responsibility.
Our enrollment-and-issuance portals enable hub services providers, specialty pharmacies, prescribers, and patients to access appropriate affordability products. We work closely with brand marketing teams and channel partners to design and deploy the right portal for the brand and offer industry-best support and training after deployment.
If you’re a pharmaceutical manufacturer looking to craft innovative copay solutions, visit paysign.com/affordability to learn more about how Paysign can help.