The Future of Healthcare: “We need to eliminate the rebates that pharmaceutical manufacturers use to position certain drugs on a client’s formulary” with Michael Rea, CEO of RxSavings Solutions

…eliminate perverse incentives like the rebates that many pharmaceutical manufacturers and pharmacy benefit managers use to position certain drugs on a client’s formulary. These rebates manipulate — if not negate altogether — the market forces that would normally drive consumer and payer decisions.

As part of my series on The Future of Healthcare, I’ve had the pleasure of interviewing Michael Rea, CEO and Founder of Rx Savings Solutions. A former retail pharmacist, Dr. Michael Rea founded Rx Savings Solutions in 2008 after routinely witnessing consumers struggle to pay for medications. His research on behalf of patients uncovered ways to find equivalent therapies at lower costs, which became the foundation of the company’s patented, groundbreaking technology. Since then, Rx Savings Solutions has grown to more than 100 employees and 5 million covered members, setting the standard for pharmacy transparency and advocacy solutions…