Specialty medications are some of the most expensive drugs on the market. While they comprise a small percentage of prescriptions filled every year, they account for approximately half the country’s annual drug spending and continue to outpace growth in the rest of the market. These costs have consistently risen for more than a decade. From 2011-2016, specialty medication spending increased by $54 billion.
According to AARP, specialty drug prices rose more than 3 times faster than the prices of other goods and services to a staggering $84,442 on average in 2020.
Rising costs jeopardize care for specialty patients. Unaffordable healthcare costs impact an estimated 1 in 4 Americans, and 1 in 3 delay care due to financial strain. Even patients covered under private insurance or Medicare may struggle to cover their out-of-pocket expenses. When critical medications are unaffordable, the entire healthcare system experiences negative impacts:
- Adherence rates drop, impacting patient quality of life and outcomes
- Abandonment rates rise, impacting specialty pharmacy revenue
- Hospital readmissions rise, impacting payor costs
Therigy® technology tackles this problem head-on with a comprehensive tool for specialty pharmacies. The TherigySTM® Financial Assistance Tool allows specialty pharmacies to track drug eligibility, funding and provides a real-time integration with 501c(3) Foundations to proactively alert staff when funds become available. This innovative tool enables users to proactively manage healthcare costs in many ways:
- Access patient eligibility information
- Compare programs and manufacturers
- Search 1,200+ drug programs and foundations
- Receive real-time proactive alerts on time-sensitive assistance programs
- Seamlessly enroll patients into qualified programs
The TherigySTM Financial Assistance Tool in 2021 accessed $410M to support specialty patients' out-of-pocket costs. By streamlining access to funding information, TherigySTM removes financial and administrative barriers to care, so patients can access the lifesaving care they need. With this outcome, specialty pharmacies and the entire healthcare system become more efficient for stakeholders across the board.
To learn more about the TherigySTM Financial Assistance Tool, schedule a demo with a member of our team today!