The company works with pharmaceutical companies and payers to offer targeted discounts on certain drugs
Prescription drug prices are rising and rising: In January this year alone, 816 drugs rose an average of 4.5%, according to GoodRx. This has created a situation where at least 58 million Americans say they can’t afford their drug prices.
“If 1 in 3 patients cannot afford high-quality drugs, all of them lose,” said Anurati Mathur, CEO of Semper Health. Semper is a company that uses technology, behavioral science, and dynamic pricing to reduce the cost of prescription drugs.
“Patients are sicker, with faster disease progression and more expensive downstream therapies. Health plans spend nearly $ 300 billion annually unnecessarily on increased inpatient and medical use, and pharma loses $ 250 million in sales annually. “
This problem persists, however, due to the lack of technology to ensure drug discounts, which pharmaceutical companies spend $ 13 billion annually on, get to the right patients. These coupons have low ROI, are inconsistent with payers and the healthcare system, and remain consistent with no personalization or commitment, while patients often do not even know these discounts exist and are not easy to find when they do.
“This presents an opportunity because the system already has money from drug companies in it but it is not efficiently or effectively reaching the right patients,” said Mathur.
“Semper is a two-way marketplace that matches the supply of dollars from the pharmaceutical industry to affordability demands from payers and patients. We are the only affordability solution on the market that brings all stakeholders together to improve access to medicines.”
On Wednesday the company did announced that there was a. has raised $ 15 million Series B funding round led by the Blue Venture Fund, a collaboration between Blue Cross Blue Shield (BCBS) companies, the Blue Cross Blue Shield Association and Sandbox. UPMC Enterprises and existing investors Rethink Impact, LifeForce Capital and Industry Ventures also took part, bringing Semper’s total funding to $ 26.5 million.
“The goal of this fundraiser is to enable us to reach as many patients as possible. We will do so through a combination of health plan signing, accelerated by our Series B lead investor, Blue Venture Fund, and enrollment Reach additional drugs / pharmaceutical companies. ” “, Mathur said to me.
To reduce the cost of medication, Semper Contracts directly with pharmaceutical companies and Payers who choose the drugs they want a discount on. Tthere are currently over 25 drugs on the platform, and Semper only works with branded drugs that have no generic alternative.
Semper then registers patients taking these specific drugs on the platform that is free to them; NoIn the past, 1 in 3 patients opted for Semper programs, compared with 5 to 6% of patients who opted for other, traditional insurance programs. After registering, patients receive discounts at the point of fill as well as SMS engagement to motivate them to pick up their prescriptions. For example, patients may receive text messages like, “If you pick up your prescription on time, you only pay $ 10. If you wait until next week it will go back to $ 20. ”
On the pharmaceutical side, Semper works with Fortune 100 pharmaceutical companies, including Sanofi, who have added their drugs for chronic diseases to the platform; These include drugs for conditions such as cardiovascular disease, diabetes, and respiratory diseases. On the health plan side, Semper has two major national payers on the platform and several regional ones including UPMC Health Plan, BCBS Arizona, and BCBS Michigan.
As a result of Semper’s platform, its pharmaceutical partners have achieved an ROI of between 4 to 6 times, while patients have 15% improvement in adherence and 45% savings for members on their expenses. In one case, the patients included were offered incentives over a period of two years to refill and collect their diabetes medication in good time; on average they saved $ 300 per year on their expenses and 94 percent of them are filled out on time.
The vision for Semper is to be in the hands of all Americans with dynamic prices for all health topics, Mathur said.
“Semper puts patients first every day. The Semper platform offers significant savings to thousands of patients across the country. So often are Americans faced with the choice of putting food on the table or paying for their life-saving medication. It is our mission to solve this. “