In today’s healthcare landscape, finding accessible, affordable prescription drugs is often a significant challenge. It can require consumers to navigate a complex web of choices based not only on price but also on decisions around which pharmacy to use, whether their drugs are covered by their health plan, and what options they have in the process — all compounded by the confusing nature of drug formularies, the lists that dictate which medications are covered under specific health plans.
Meanwhile, the use and cost of prescription medications continue to rise. A recent study in the American Journal of Health-System Pharmacy found that, in 2023, United States consumers spent more than $722 billion on prescription drugs — a 14% increase from 2022. The research found that it was the largest annual increase in the last 20 years, fueled by a 6.5% increase in use, a 4.2% increase in new drugs, and a 2.9% increase in price.
Shopping for medications involves more than just checking the prices at different pharmacies. Despite various discount programs and generic alternatives, securing financially viable options remains an uphill battle. The process of identifying and accessing cost-saving opportunities is often time-consuming, adding another layer of difficulty for those seeking relief from high drug costs.
Selerix, an industry-leading benefits administration provider, has partnered with CompareMedsRx to make it easier for employees and their covered family members to find the medications that they need faster, easier, and at the lowest price. CompareMedsRx is a free, easy-to-use platform that compares prices from over 20 prescription discount cards to help people find the best prices on their prescription medications. Users simply enter a prescription name and their ZIP code. Accessible directly from the Selerix Portal, the CompareMedsRx system will give users options for buying their medication based on price, preferred pharmacy, or discount card.
Selerix is committed to helping organizations become more efficient by allowing them to operate the way they want with the platforms they want. To that end, Selerix believes that when systems communicate and data can integrate seamlessly, organizations and people thrive.
“Partnering with CompareMedsRX is another example of how Selerix is deeply committed to supporting its customers and the lives on its platform,” said Jasper Purvis, Selerix VP of Business Development. “By joining with a solution whose mission is to make healthcare more affordable and accessible, we’re helping to ensure everyone can manage their health without financial strain.”
Hiten Gardi, CEO of CompareMedsRx, said the company’s partnership with Selerix will support its mission to make every user’s journey to affordable medications as easy as possible, empowering them to make informed decisions about their health, just as with other major purchases.
“Selerix has a similar mission — to simplify healthcare — and it aligns perfectly with ours,” Gardi said. “We’re both committed to helping people maintain their health and their savings and enjoy a future where managing prescriptions is more accessible and tailored to personal needs.”
CompareMedsRx can save consumers up to 80% on prescriptions and includes pricing and medication availability from over 70,000 pharmacies, including Costco, Walgreens, CVS, Walmart, Target, and Kroger. Users can purchase prescription medications with pharmacy savings cards. They can also pay for their medications from a Health Savings Account (HSA) or Flexible Spending Account (FSA), depending on their HSA or FSA terms.
If you’re a Selerix customer, contact your Selerix representative for more information about our partnership with CompareMedsRx.
About Selerix
Selerix is an industry-leading benefits administration provider for both core and voluntary benefits. Its solution combines a flexible benefits admin platform with a commitment to providing best-in-class client service. In addition, the Selerix platform includes ACA reporting and employee engagement to deliver a fully featured, all-in-one package. Trusted by brokers, carriers, over 21,000 employers, and nearly 14 million individuals, the Selerix mission is to deliver benefits administration solutions that simplify and empower. To learn more, visit selerix.com.
