Express Scripts’ (ESRX - Free Report) partially-owned subsidiary Inside Rx recently announced an agreement with the Veterans of Foreign Wars of the U.S. (VFW). The aim is to help VFW’s 1.3 million members and their families benefit from the free Inside Rx card, part of the Inside Rx prescription savings program.
This will provide Express Scripts’ veteran customers a wider range of choices at affordable prices.
Inside Rx Platform at a Glance
Inside Rx is a prescription savings program powered by Express Scripts — the nation's leading independent pharmacy benefit manager (PBM). Notably, the platform recently garnered $100 million in medication savings for Americans who are uninsured or pay out-of-pocket for prescriptions.
Inside RX recently made an additional 22 branded medications within the means for people who currently pay the full list price for prescriptions.
Veteran Customers in Focus
The Inside Rx card offers more than 125 branded medications allowing average savings of 40% for veterans who are uninsured or underinsured. The card can be used at more than 40,000 pharmacies in the United States.
Inside Rx card can be easily downloaded, providing customers with details like the list of participating pharmacies, catalog of medicines and terms of usage. The patients only need to present the discount card at participating pharmacies, including national chains such as CVS Healthcare (CVS - Free Report) , the Kroger Family of Pharmacies and Walgreens (WBA - Free Report) .
Per a study by economist Mariacristina De Nardi of the Federal Reserve Bank of Chicago, healthcare spending for Americans aged 65 and aboveis approximately $18,424 per person, per year.
Hence, Express Scripts’ move has been a timely and strategic one.
Other Solid Developments
Recently, Express Scripts announced a new Rare Conditions Care Value (RCCV) program in partnership with PinnacleCare — a private health advisory firm that offers personalized guidance and expert case review. This will provide members with free access to a support service known as Second Opinion. As the name suggests, this is a life-altering service that offers a second opinion from a top specialist in the field.
Additionally, Express Scripts’ value-based SafeGuardRx program has proven to be effective in improving clinical outcomes and in lowering drug spend for patients, according to data released by the company.
These endeavors clearly show that Express Scripts has fortified its position as one of the biggest PBM in the country.
Buoyed by a slew of developments, Express Scripts’ shares have rallied 25.4%, compared with the industry’s 11.8% gain in a year’s time.
Zacks Rank & Key Pick
Express Scripts carries a Zacks Rank #4 (Sell).
A better-ranked stock in the broader medical sector is Abiomed, Inc. (ABMD - Free Report) .
Abiomed has a long-term growth rate of 27%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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