Today, we announced our $20 million investment in WithMe Health (WithMe), a new medication guidance company that is a replacement for pharmacy benefit managers (PBMs), founded by our very own Chris Price.
Despite growing challenges and unmet needs faced by employers, employees and their families, there has yet to be a material change in the PBM marketplace. Why? Simply put, PBMs’ traditional business and profit models misalign their incentives with customers, so PBMs have little reason to adapt. Furthermore, the legacy technology and inflexible business processes that have been used by PBMs for decades mean any fundamental change would be slow and immensely expensive, if it were to occur at all.
Recognizing this massive pain point in the market, Chris had the vision and expertise to build WithMe from the ground up to solve this pervasive problem. He designed an innovative, outcomes-oriented business model that aligns interests across the entire value chain – from employers to employees to providers to pharmacists. With an incentive to improve outcomes and reduce costs and built on a foundation of modern technology and clinical science, the company delivers substantially improved experiences to everyone it touches.
Employers using WithMe receive more value from their benefits programs, no longer feeling powerless as costs rise while employees remain confused and frustrated. Employees receive personalized medication guidance and trusted clinical counsel before, during and after their treatment. Clinicians receive more reliable insight into the drugs they are prescribing (and the ones they aren’t), and pharmacists receive a voice and opportunity to add value along the continuum of care.
WithMe perfectly captures our longstanding strategy of increasing the quality and lowering the cost of care while improving the consumer experience. We know this funding will propel Chris and his team to deliver the many benefits of the WithMe solution at scale.