In this new episode of the Disruption Interruption podcast, Paul Pruitt, Chief Growth Officer of SHARx, explains why the U.S. healthcare system struggles with rising medication costs. He also discusses how the company he is part of is offering affordable, accessible medications through employer health plans by eliminating barriers to care for employees.
TAMPA BAY, Fla., Nov. 26, 2024 /PRNewswire-PRWeb/ -- One in three U.S. adults can't afford their prescribed medications. This staggering reality reflects a system in which prescription drug spending reached $722.5 billion last year, rising by 13.6%—the highest increase in two decades. (1) In this week's episode of the Disruption Interruption podcast, Paul Pruitt, Chief Growth Officer at SHARx, LLC, joins Karla Jo Helms (KJ) to discuss big pharma monopolies, how rising medication costs impact patients and the transformative potential of employer-driven healthcare solutions. "We're knocking on all these barriers," states Pruitt. "Our technology helps people who don't have coverage for a drug have access at the most affordable price point."
The Monopoly of Specialty Pharmacies
Pruitt stresses that in the U.S., four pharmacies control over 80% of all specialty drug fills, creating a monopoly that shapes the healthcare landscape. He argues that, with so few players, big pharmaceutical companies can set exorbitant prices, making access to essential medications increasingly restrictive.
This leaves patients—especially those requiring specialty medications—navigating a system where personalized care is sidelined in favor of efficiency and cost-cutting. "I use these same pharmacies myself and wish I didn't have to. But I don't have a choice, and when the choice is gone, the right value and service are also gone," points out Pruitt.
The Employer's Dilemma: Why Traditional Insurance is Failing Workforce
Many employers are forced to limit services as they are trapped in a relentless cycle of escalating healthcare costs. "They are sick and tired of the 10%, 20%, or even 30% annual increase," highlights Pruitt. High premiums, coupled with skyrocketing out-of-pocket costs, create a paradox where having coverage doesn't necessarily mean accessing care.
This leaves many workers in a difficult position, unable to afford the treatments they need despite having insurance. This is where innovative models, like those offered by SHARx, come into play.
Breaking the Insurance Barrier: SHARx Simplifies Access to Specialty Medications
For employees facing the challenges of underinsurance or no coverage at all, accessing specialty medications can be an arduous process. Pruitt explains how SHARx provides affordable, high-quality medication access without relying heavily on traditional insurance. "We integrate seamlessly within the employer's health plan, identifying employees who need access to medications not fully covered by their current plan," he mentions.
By partnering with third-party organizations, they can determine the most affordable access points for medications, often securing them at little to no cost to the employee. This model provides employers with financial relief and administrative ease, while employees receive life-saving treatments without the stress of navigating a complicated system. "Our technology provides a simplified experience for members. It gives them back control over where their dollars are going," Pruitt concludes.
Links
Disrupting Medication Costs: Paul Pruitt of SHARx Tackles the Healthcare Crisis for Uninsured and Underinsured
https://omny.fm/shows/disruption-interruption/disrupting-medication-costs-paul-pruitt-of-sharx-t
LinkedIn: https://www.linkedin.com/in/paulpruittjr/
Company Website: https://sharxplan.com/
Company LinkedIn: https://www.linkedin.com/company/sharx-llc/
Disruption Interruption is the podcast where you will hear from today's biggest Industry Disruptors. Learn what motivated them to bring about innovation and how they overcame opposition to adoption.
Disruption Interruption can be listened to in Apple's App Store and Spotify.
About Disruption Interruption™
Disruption is happening on an unprecedented scale, impacting all manner of industries— MedTech, Finance, IT, eCommerce, shipping, logistics, and more—and COVID has moved their timelines up a full decade or more. But WHO are these disruptors and when did they say, "THAT'S IT! I'VE HAD IT!"? Time to Disrupt and Interrupt with host Karla Jo "KJ" Helms, veteran communications disruptor. KJ interviews badasses who are disrupting their industries and altering economic networks that have become antiquated with an establishment resistant to progress. She delves into uncovering secrets from industry rebels and quiet revolutionaries that uncover common traits—and not-so-common—that are changing our economic markets… and lives. Visit the world's key pioneers that persist to success, despite arrows in their backs at http://www.disruption-interruption.com.
About Paul Pruitt
Paul Pruitt is the Chief Growth Officer at SHARx, LLC, a patient advocacy and supply-chain management company addressing the nation's out of control drug prices. SHARx, LLC was designed to serve the uninsured and underinsured populations that are struggling to afford life-altering and life-saving medications. SHARx, LLC removes barriers and helps ensure affordable access to high-cost maintenance and specialty medications.
With over a decade of experience working directly with self-funded employers, he's a specialist in healthcare compliance and risk management, offering innovative solutions to tackle the rising costs of medications. Paul is a disruptor in the health tech space, focusing on serving the uninsured and underinsured populations by breaking down barriers to costly specialty medications. Today, he's leading a company dedicated to making medications affordable for those who need them most.
About Karla Jo Helms
Karla Jo Helms is the Chief Evangelist and Anti-PR® Strategist for JOTO PR Disruptors™. Karla Jo learned firsthand how unforgiving business can be when millions of dollars are on the line — and how the control of public opinion often determines whether one company is happily chosen, or another is brutally rejected. Being an alumnus of crisis management, Karla Jo has worked with litigation attorneys, private investigators, and the media to help restore companies of goodwill into the good graces of public opinion — Karla Jo operates on the ethic of getting it right the first time, not relying on second chances and doing what it takes to excel. Helms speaks globally on public relations, how the PR industry itself has lost its way, and how, in the right hands, corporations can harness the power of Anti-PR to drive markets and impact market perception.
References
1. Kirzinger, Ashley, et al. "Public Opinion on Prescription Drugs and Their Prices." Kaiser Family Foundation, 4 Oct. 2024, http://www.kff.org/health-costs/poll-finding/public-opinion-on-prescription-drugs-and-their-prices/.
Media Inquiries:
Karla Jo Helms
JOTO PR™
727-777-4629
Media Contact
Karla Jo Helms, JOTO PR™, 727-777-4629, [email protected] , jotopr.com
SOURCE JOTO PR™
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