LucyRx's Growth Accelerates through Strategic Investments

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May 21, 2024, 07:00 ET

Company Introduces GLP-1 Utilization Management Program, Specialty Technology Solutions, Biosimilar Strategy, and Integrated Discount Card

BETHESDA, Md., May 21, 2024 /PRNewswire/ -- Over the past eighteen months, LucyRx has embarked on a transformative journey, investing in cutting-edge technologies, developing pioneering pharmacy solutions, and assembling a premier team of account management and clinical service professionals to address the significant problems in the Pharmacy Benefit Management (PBM) market. Through relentless innovation, strategic investments, and a patient-first philosophy, LucyRx is poised to deliver to clients and consultants a new PBM experience, better health outcomes and enhanced value to all stakeholders.

"As a trusted advisor in the healthcare ecosystem, LucyRx is dedicated to making prescription management more accessible, understandable, and personal," said David Blair, Chief Executive Officer of LucyRx. "The traditional PBM model is mired in complexity and opaque pricing, leading to soaring drug costs. Regulators have highlighted growing concerns about the current state of the PBM and pharmacy market, noting that it is overly consolidated and not functioning in a healthy, competitive manner. Our innovative solutions offer complete transparency in drug pricing, simplify claims processing, and deliver high-touch member and client services."

LucyRx remains steadfast in its mission to shape the future of healthcare and make a meaningful impact on the lives of patients worldwide. "While other mid-market PBMs are striving to address these issues, LucyRx stands out due to its commitment to complete independence and full autonomy throughout the supply chain. Without conflicts of interest, we ensure unbiased clinical strategies. We don't own retail stores, mail-order, specialty pharmacies, or drug manufacturing facilities and are not affiliated with any insurance company. This allows us to maintain the highest levels of integrity and accountability, ensuring our actions are always in the best interests of our clients and members," added Susan Thomas, LucyRx's newly appointed Chief Commercial Officer.

"In addition to processing claims on industry leading cloud technology, we have developed the most sophisticated analytics tools on the market with LightningIQ and Specialty Navigator, for identifying, monitoring, and implementing cost containment strategies in specialty and non-specialty drug categories, including Biosimilars and GLP-1s. In recent case studies, we can save clients 25-55% of their drug costs in these high spend categories, while improving the lives of their members," stated Eric Estes, RPh, Senior Vice President of Business Development. "Our approach not only reduces the financial burden on members but also ensures that treatments are effective, accessible, and sustainable. That's what PBMs are paid to do."

Adding to the clinical programs mentioned, LucyRx 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. The Company was named LucyRx, as Lucy derives from Latin 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 drug pricing, reduced claims process complexity, and a high-touch 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.

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Alexandria Valentino
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SOURCE LucyRx