Watch Now: Thought Leaders Come Together to Discuss Medication Transparency

Consumers want and need to better understand the costs of the care they receive and value of care—including medications. Recently, HealthSparq hosted industry experts Sean Karbowicz of MedSavvy, Helen Leis of Oliver Wyman, and Dan Tomaszewski of Chapman University for a webinar discussing how medication knowledge and cost transparency build consumer loyalty.

Leis, a partner at global consulting firm Oliver Wyman, leads the organization’s health innovation work, and is an expert in designing consumer-centric business models in health care, including product, experience, and operating models. During the webinar, she explained that while consumers continue to increase their health care expenditures, they are becoming more interested in the information that will help them make sound health decisions – and cost is only a piece of the puzzle.

Karbowicz, founder and general manager of pharmacy transparency company MedSavvy shared the organization’s side-by-side treatment comparison, underscoring that higher medication cost does not necessarily equal a better treatment. To make the right medication choice, it is important to go beyond the cost and consider the quality, or effectiveness, of the medication in treating a condition.

Today’s approach to control costs often removes the patient from the decision-making process and the impact is ultimately a risk for non-adherence. According to Tomaszewski, who serves as assistant professor of Pharmacy Administration, the patient does not only make a decision at the pharmacy counter, but they make a decision every time they choose whether or not to take a medication. Without understanding the value of the medication, they may choose to forego purchasing the prescription altogether, or may struggle to keep up with taking the medication if they do make the purchase. Ultimately, he says, it is our responsibility to provide consumers with the right information, when and how they need it, to increase medication adherence and encourage wise decision making. 

Medication costs continue to rise, and health plans and other industry players are using many approaches to help manage costs. But it is important to look at overall value for consumers. They are making an important medical decision each and every time they take their medication and are looking for more information about their options to make better decisions. To learn more on this topic, watch “Prescription for Success: How Medication knowledge and Cost Transparency Build Consumer Loyalty” now.