Elixir, a wholly owned subsidiary of Rite Aid, recently announced the launch of a specialty generic medication enhancement to its managed copay solutions effective June 1, 2022.
The enhancement allows members to receive generic versions of certain specialty medications at a $0 copay and has the potential to provide an average savings of up to $40,000 annually.
Rite Aid continues its efforts to refocus the company on becoming a leading full-service and modern pharmacy with a team of 6,400 expert pharmacists and another 43,000 associates caring for its communities and the customers it serves to drive better health outcomes.
Elixir is a pharmacy services provider that offers pharmacy benefit management services, Medicare-approved prescription drug plans, mail and specialty pharmacy solutions, and prescription discount programs to millions of members nationwide.
During the first quarter of fiscal 2023 (May 28, 2022), Elixir saw revenues decreased $146 million or 7.8% to 1.7 billion due primarily to a planned decrease in Elixir insurance membership and the previously announced client loss, slightly offset by its new rebate partnership, as well as higher utilization of high-cost drugs.
The specialty pharmacy business continued to increase access to a number of limited distribution networks, and is also actively working to grow dispensing volumes, both in the Elixir book of business, as well as expanding network participation across a broader set of payers.
The new specialty generic program is being added to Elixir’s existing managed copay solutions, which tracks copay assistance from manufacturers that is applied to specialty prescriptions, giving members the benefit of assistance to afford branded specialty medications and ensuring clients do not begin bearing the majority of the medication cost before the deductible is actually achieved.
Takeaway: Elixir’s specialty generic program has been launched to add to Elixir’s specialty pharmacy business growth in fiscal 2023