Prescription drug affordability is a significant public policy challenge. A recent JAMA editorial railed against “relentless” prescription drug increases, stating that “people who reported the greatest difficulty affording [medicine] were those who most needed them.”1 Of the 27% of Americans who take four or more medications, a third report that they don’t take their medicine as prescribed due to cost.2
The challenge of affordability is not shouldered evenly by all. Pharmacies frequently charge different types of purchasers living in different locations different prices for the same product. In a 2000 report for the US Department of Health and Human Services, policy researcher Anna Cook explains that “such price dispersion occurs in markets where suppliers have some degree of market power and purchases can be separated into groups that vary in their sensitivity to price.”3 In other words, your zip code can have a tremendous impact on what you pay for prescription drugs.
These “price sensitivities” are explained as legitimate and appropriate to cover costs for patent protection, R&D investment and production. The result, writes analyst Richard G. Frank, is a “bewildering range of pricing. People who buy retail and pay cash for prescriptions face the highest prices [and] many poor, sick citizens pay the highest price of all.”4
Among these vulnerable populations are injured individuals who have settled workers’ compensation or liability cases and are left to secure medicines on their own. Too often these individuals prematurely deplete the medical funds intended to last a lifetime because they are charged significantly inflated rates. The COVID-19 pandemic and its attendant rise in unemployment have increased the urgency of addressing this fundamental inequity.
Leveling the Field Through Innovation
Over 22% of Americans say that lowering drug prices should be Congress’ top health priority.5 Policymakers and lawmakers have measured, debated and attempted to address the urgent issue for decades. Meanwhile, the market has seen more than 800 pharmaceutical price increases this year.
Chronovo has addressed the problem head-on, applying its core mission of optimizing financial pathfinding with the creation of ChronovoCareTM. ChronovoCare is the first 3-in-1 medical savings card that provides industry-insider pricing on prescriptions, medical equipment and surgical procedures, as well as total transparency and choice for everyone, regardless of zip code or health condition.
ChronovoCare is a user-friendly member card that provides discounts up to 80% from a network of 35,000 pharmacies nationwide. Members can opt to shop at their favorite neighborhood pharmacies or receive their medications in the mail. ChronovoCare offers customers consistent, stable pricing for all their prescription needs, regardless of zip code, unlike many other commonly available prescription discount cards. Additionally, pricing variation among different pharmacy chains is also minimized within the same geographic area. The result is much greater overall value and ease of use for the consumer.
How Does ChronovoCare Work?
By driving fair, consistent pricing, ChronovoCare offers far more than local pharmacy rewards programs that might only provide discounts on high sticker prices. It also surpasses coupon apps that offer discounts in limited, price-sensitive locations.
As well, ChronovoCare’s 3-in-1 program expands access to savings beyond prescription meds and delivers Smart Savings3 to our members. This means:
- As much as 80% off prescription drug prices at 35,000 pharmacies nationwide
- Up to 60% off surgeries, procedures, and rehab services with any doctor, hospital, or facility
- From 15% to over 50% savings off medical equipment, supplies, tests, treatments and therapies
In addition to these significant savings, ChronovoCare is entirely free—no membership fees, no minimums, no requirements. It’s simple to use, secure and confidential.
And, because we do not charge membership fees, sell transactional data, or require a bank account or credit card, our customers can compare prices and select the best one, regardless of the source. ChronovoCare provides no-obligation estimates in real time to ensure that prescription medicines are available and affordable.
We’re helping to level this critical field and bring fairness and peace of mind to countless individuals.
Learn more at Chronovo.care
1/5 Chaarushena, Deb and Curfman, Gregory. “Relentless Prescription Drug Price Increases.” JAMA Network: March 3, 2020.
2 “Public Opinion on Prescription Drugs and Their Prices.” Kaiser Family Foundation website: October 16, 2020.
3 Cook, Anna. “Why Different Purchasers Pay Different Prices For Prescription Drugs.” Memorandum prepared for the Department of Health and Human Services Conference on Pharmaceutical Pricing Practices, Utilization and Costs: 2000.
4Frank, Richard G. “Prescription Drug Prices: Why Do Some Pay More Than Others Do,” HealthAffairs.org: 2001