Araya, a client-centric, member-focused Pharmacy Benefit Manager announced a strategic expansion of their provider network through a new relationship with the Mark Cuban Cost Plus Drug Company (Cost Plus Drugs). Together, Araya and Cost Plus Drugs are ensuring affordability, accessibility, and clarity in medication costs, empowering individuals to make informed choices about their health and well-being.
LATHAM, N.Y., Jan. 12, 2024 /PRNewswire-PRWeb/ -- Araya, a client-centric, member-focused Pharmacy Benefit Manager announced a strategic expansion of their provider network through a new relationship with the Mark Cuban Cost Plus Drug Company (Cost Plus Drugs). Araya's business model is built to align incentives through a transparent pricing philosophy. This philosophy ensures that product and provider selection benefit both the patient and the payer. The addition of Cost Plus Drugs to Araya's network supports this philosophy of giving clients access to the lowest unit cost once the most appropriate therapy for the patient has been determined.
Patrick McLaughlin, President of Araya, commented: "Cost Plus Drugs is breaking new ground by moving away from revenue tied to product cost. The pricing model dovetails perfectly with Araya's mission of being a third-party administrator of prescription drug claims."
Araya is not a pharmacy, nor does it generate revenue from the product. Instead, Araya wants to give clients options and access to the most economical channels to source the right medications for their members. Cost Plus Drugs is one more piece in the plan to meet this goal. "We are excited to offer clients what Cost Plus Drugs has built to date and the many things they are working on to expand their offering" said McLaughlin.
Dean Stirling, President of 90 Degree Benefits of CT: "The addition of Cost Plus Drugs adds to the toolbox that Araya offers to 90 Degree Benefits clients. Mitigation of pharmacy costs continues to be a top priority in sales and client retention. Our Right Turn Rx program is about active pharmacy management, and this innovative network option will help our clients lower costs so they can continue to deliver robust benefits to their employees and dependents."
"We are excited to join forces with a like-minded company such as Araya", said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug Company. "At Cost Plus Drugs, we are committed to revolutionizing the pharmaceutical landscape through transparent drug pricing, and working with Araya aligns seamlessly with our mission. Together, we are ensuring affordability, accessibility, and clarity in medication costs, empowering individuals to make informed choices about their health and well-being."
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 2,300 prescription products, delivered by mail to thousands of happy customers every day. Customers can also go to participating retail pharmacies to receive Cost Plus Drugs pricing through the Team Cuban Card. 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.
About Araya
Araya operates as a pass-through transparent pharmacy benefit manager. We strive to align our goals with our clients and their members by operating as a third-party administrator of prescription drug claims. We have no ownership in the delivery system and make no revenue on the product dispensed. This allows us to make decisions based only on best clinical practices and lowest net unit cost.
About 90 Degree Benefits
90 Degree Benefits is an independent Third-Party Administrator providing custom health benefit claim services to self-insured employers nationwide. Our Right Turn Rx partners are committed to delivering lowest net cost prescriptions, as this creates value for the members in the benefit plans we administer. We're focused on a future where benefits make business better, and make organizations more successful.
Media Contact
David Barrington, Araya, 1 518-220-2613 713, [email protected], https://arayarx.com/
SOURCE Araya
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