LucyRx Announces Strategic Acquisition, Solidifying Market Entry and Unique PBM Approach

News provided by

Jul 15, 2024, 07:00 ET

Company Fully Equipped to Offer Unparalleled PBM Experience with Superior Service and Unbiased Clinical Programs

BETHESDA, Md., July 15, 2024 /PRNewswire/ -- LucyRx is thrilled to announce the completion of another strategic acquisition this month, marking a significant milestone in our journey into the Pharmacy Benefit Management (PBM) market. This recent transaction along with our other acquisition and investments underscore our commitment to revolutionizing the PBM landscape with innovative solutions and a fresh perspective.

The announcement comes at a pivotal time in the industry, as the Federal Trade Commission (FTC) has recently issued an interim report highlighting the significant impact traditional PBMs have on drug accessibility and affordability. The FTC's findings emphasize the urgent need for transparency and accountability within the industry, aligning perfectly with LucyRx's mission to disrupt conventional practices and enhance efficiency. https://www.ftc.gov/news-events/news/press-releases/2024/07/ftc-releases-interim-staff-report-prescription-drug-middlemen

With these strategic moves, LucyRx is now managing over 500,000 members and offers a truly autonomous and unbiased approach designed to establish a new standard for the evolving needs of the healthcare industry. We continue to explore opportunities for additional strategic acquisitions that reinforce our ability to offer market leading solutions to our members.

"We are excited to take this bold step forward and demonstrate our readiness to redefine the PBM market," said David Blair, CEO of LucyRx. "These acquisitions position LucyRx as the dominant force in the market offering a unique blend of services that set us apart from traditional PBMs. We are eager to collaborate with consultants and industry partners to drive better outcomes and more efficient healthcare solutions."

LucyRx challenges the status quo. Our innovative strategies are crafted to disrupt conventional practices, generate efficiencies, and enhance the healthcare experience for all stakeholders. The FTC's recent scrutiny and call for greater PBM transparency reinforce the necessity of our approach, making LucyRx a timely and essential player in the market.

"Traditional PBMs have abandoned their duty to manage drug costs by ignoring opportunities for savings in categories like GLP-1s and Biosimilars," said Susan Thomas, Chief Commercial Officer at LucyRx. "Their pattern of preferring volume over quality, expensive brand drugs over lower cost alternatives and pushing their own affiliated mail and specialty dispensing have cost plan sponsors billions of dollars in the last few years," she said.

Lucy's approach and use of advanced decision support tools like proprietary LightningIQ and Specialty Navigator identify real time, unbiased cost containment solutions for specialty and non-specialty drug categories, including biosimilars and GLP-1s.

"Unlike traditional PBMs, we ensure every decision is made in the best interest of our clients, treating their money as if it were our own," Thomas added.

LucyRx also delivers a complete integrated discount program that can achieve better discounts for members on generic drugs. The program works seamlessly with current pharmacy benefits and delivers the lowest price at the point of sale, integrates with current patient drug profiles for medication safety, and requires no pre-shopping, separate discount cards, or added fees. These efforts underscore the company's commitment to modernize this space with a comprehensive portfolio of healthcare solutions.

About LucyRx

LucyRx was founded in 2023 and is headquartered in Bethesda, MD. Lucy derives from the Latin term for 'light' symbolizing the company's mission to illuminate the complexities of pharmacy benefits and guide clients towards optimal healthcare solutions. LucyRx provides full visibility into drug costs, reduced claims processing complexity, and a high-touch client and member service model, filling gaps in the current market. The company continues to evaluate investment and partnership opportunities. For more information, please visit www.lucyrx.com.

Contact

Alexandria Valentino
Chief of Staff
[email protected]

SOURCE LucyRx