SmithRx will be First PBM to Offer YUSIMRY, a Humira Biosimilar, for One-Tenth the List Price of Humira
Teaming up with Mark Cuban Cost Plus Drug Company, SmithRx will start offering members access beginning in July 2023
SAN FRANCISCO, June 13, 2023 (GLOBE NEWSWIRE) — SmithRx, a next-generation pharmacy benefits management (PBM) company, announced today that it will offer YUSIMRY, a biosimilar of Humira, to its members for more than 90 percent less than the list price of Humira. Working with Mark Cuban Cost Plus Drug Company, PBC, SmithRx will cover YUSIMRY when it is launched in early July 2023. YUSIMRY will be available through the Cost Plus Drugs online mail-order pharmacy for $569.27 plus dispensing and shipping fees, compared to the current price of Humira of $6,922 per carton. Unique to this collaboration, SmithRx members will be able to apply their insurance benefits to further reduce their out-of-pocket costs for YUSIMRY.
“Unlike traditional PBMs, SmithRx prioritizes transparency and up-front cost savings. Humira is often an employer’s top drug expense so offering a low cost alternative will have significant impact,” said Jake Frenz, CEO and founder of SmithRx. “We’re excited to work with Cost Plus Drugs to bring this biosimilar to our members – and significantly reduce costs for them and their employers.”
Humira, the top-selling pharmaceutical in the world, is also one of the most expensive medications in America and is used to treat a range of auto-immune conditions including rheumatoid arthritis, Crohn’s disease, ulcerative colitis, and plaque psoriasis. Humira is used by more than 300,000 patients in the U.S., and biosimilar versions of it have only just come to market.
This will be the first time that a Humira biosimilar is available to patients through a PBM at low and transparent price. When a previous biosimilar was released earlier this year, legacy PBMs made it available only through the standard model of high list prices coupled with opaque rebates.
“We started SmithRx because the PBM model was broken,” said Frenz. “Our technology platform combined with our innovative sourcing channels allow us to find the lowest prices and pass through the savings to plan sponsors and patients.”
“Working with SmithRx, a transparent PBM, has been a great experience for Mark Cuban Cost Plus Drug Company,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug Company. “Their commitment to transparency and efficiency aligns perfectly with our mission to provide affordable and accessible medications to all. Together, we are forging a new path in the pharmaceutical industry, ensuring that patients receive the best care at the most reasonable costs.”
On June 1, 2023, Mark Cuban Cost Plus Drug Company and Coherus Biosciences announced plans to offer Cost Plus Drug Company customers YUSIMRY (adalimumab-aqvh), a biosimilar of HUMIRA (adalimumab injection), in July 2023.
SmithRx works with more than 250 broker offices and serves more than 2,500 employers coast to coast. After doubling managed members for the fifth consecutive year, SmithRx closed a $20 million Series B round led by Venrock in March 2022.
About SmithRx
Pharmacy costs have been rising rapidly over the past decade, putting strain on patients and employers throughout the country. SmithRx, a privately-held technology company was founded in 2016 with the goal of reducing these costs by operating with a 100 percent transparent, pass-through PBM business model. With this approach, SmithRx is forging new pathways to affordable drugs while giving clients full access to their data. SmithRx’s simple per member per month (PMPM) revenue model contrasts with legacy PBMs’ use of spread pricing and is fully aligned with its clients’ affordability goals. Learn more at https://smithrx.com/
About Mark Cuban Cost Plus Drug Company
The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry operates. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. Cost Plus Drugs transparently charges a standard markup on every drug it sells. The costplusdrugs.com online pharmacy launched in January 2022 now carries over 1,000 prescription products, delivered by mail to thousands of happy customers every day. Cost Plus Drugs is working with health plans, managed-care organizations, pharmacy benefits managers (PBMs) and self-insured employers to bring these same savings to employer-sponsored benefit plans nationwide.
Contact:
press@smithrx.com
