Capital Rx, the fastest-growing pharmacy benefit manager (PBM) in the U.S., announced today that its Clearinghouse ModelTM pricing framework has won a 2021 silver Edison Award. Named after Thomas Alva Edison, the Edison Awards have recognized and honored some of the most innovative new products, services, and business leaders in the world since 1987.
Capital Rx created the Clearinghouse ModelTM to lower medication costs and bring pricing transparency to patients. Abandoning the old way of pricing medications and utilizing National Average Drug Acquisition Cost (NADAC), a publicly available, government-maintained medication pricing list, it is the first major innovation in the way prescriptions are priced in over two decades. Through this new pricing framework, the company brings full visibility to drug unit prices and eliminates arbitrary price variability for patients and employers. Capital Rx has delivered 13% year-over-year trend reduction for clients on average, while deploying a range of solutions enhancing the patient and provider experience.
“We are honored to be chosen as a silver winner of the Edison Award,” said AJ Loiacono, CEO at Capital Rx. “Our Clearinghouse ModelTM democratizes price and removes artificial price variability, ensuring everyone gets the same price and eliminating a troubling legacy of traditional PBMs benefiting off patients.”
The Clearinghouse ModelTM pricing framework was chosen by a panel of judges comprised of more than 3,000 senior business executives and academics.
“We were very impressed by the level of collaboration and discovery in this year’s entries,” said Edison Universe Executive Director Frank Bonafilia. “Somehow, while facing the unprecedented challenges of this global pandemic, companies around the world figured out how to work safely and smartly and still innovate at an award-winning level.”
For more information on Capital Rx’s Clearinghouse ModelTM, visit www.Cap-Rx.com.
Capital Rx is a health technology company that is leading the transformation of the pharmacy benefits industry. Capital Rx’s enterprise pharmacy platform, JUDITM, digitally links providers, patients, pharmacies, and plans to achieve the highest standard of clinical care. By establishing a competitive marketplace through its Clearinghouse ModelTM, Capital Rx unlocks the pharmacy supply chain to ensure patients receive seamless access to medication at the lowest price.