SmithRx, Modern Healthcare Best of Business, Reaches New Level of Growth and Customer Impact

Company saved 3,500 employer customers $200M in drug costs in 2024

SAN FRANCISCO, December 12, 2024–(BUSINESS WIRE)–SmithRx, a transparent and 100% pass-through pharmacy benefits manager (PBM), today shared new growth figures that showcase the company’s significant momentum and landmark achievements from the past year.

“Employer plan sponsors are increasingly demanding alternative options to the legacy PBMs,” said Jake Frenz, founder and CEO of SmithRx. “The interest and growth SmithRx and other transparent PBMs are seeing demonstrates the viability of these alternative PBM models. We’re committed to offering a better path forward for our clients and the PBM industry as a whole.”

Across core business areas including clinical development, product, customer satisfaction, service, and thought leadership, SmithRx reached new levels of meaningful growth throughout 2024. The following reflects the company’s success from the past year:

• Savings and Client Growth – Customers served and savings delivered.

  • Served 3,500 employers across the nation and neared 1 million full-service PBM member lives;

  • Saved customers nearly $200M in drug costs;

  • Achieved approximately 20-40% lower costs on average than both legacy and competitive pass-through PBMs;

  • Grew revenue by 4x in the past two years.

• Customer Service and Satisfaction – The company’s dedication to a superior customer experience for employers and members alike.

• Clinical Programs – SmithRx’s work to lower drug costs for specific, common health areas, ensuring members receive the medications they need to thrive.

  • Launched new programs for MS medications and GLP-1s, addressing the increasing costs of these drugs and introducing practical, low-cost solutions for managing member coverage.

• Technology – The company’s suite of technologies that offer customers an unparalleled experience of ease, low costs, and comfort.

  • Released the Partner Portal, a comprehensive platform for customers to access key claims data, view reports, and manage member coverage all in one place;

  • Developed a new prior authorization feature that helps members monitor the real-time details of their prior authorization requests and offers status updates at any time.

• Thought Leadership – SmithRx’s industry leadership, which stems from a unique point-of-view on the need for change amongst pharmacy benefits.

  • Introduced a revolutionary new PBM evaluation methodology – cost-based evaluation – that is optimized for lowering pharmacy benefits costs, unveiled in SmithRx’s PBM Evaluation Guide resource;

  • Won the Modern Healthcare Best in Business award in the Pharmacy category, showcasing the company’s meaningful impact on the PBM industry.

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