CVS Health (NYSE: CVS) says it wants to make it easier for its pharmacists to find patients less costly drugs.
The U.S. drugstore chain is introducing a system that will check for less expensive alternatives, higher quantities at lower costs and discounts. CVS hopes it can help lower costs for its customers and in doing so, make sure they pick up their prescriptions.
Drug costs are rising, and patients are paying more of their health-care bills out of pocket, as many folks are shifting to high-deductible insurance plans.
Often consumers are frustrated by the difficulty of comparing the cost of various treatment options.
CVS Executive Vice-President, Retail, Kevin Hourican says the more expensive the drug, the less likely patients are to pick up their prescriptions.
"We want to be known as the retail pharmacy that does the most to help save patients money," he said. "The power of this tool, the RX Savings Finder, is we have access to the information that we need to be able to provide options to our customers to save them money."
Pharmacists are typically only able to see if drugs are covered and what the out-of-pocket cost would be. With the new system, they'll be able to price compare and recommend something that's less expensive but as effective, such as a generic or therapeutic alternative.
If they find a different option, they can call patients to ask if they want to switch then call their doctor to discuss writing a new script.
CVS shares deducted 64 cents, or 1%, to $63.33 Wednesday morning.
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