- Capital Rx joins the ranks of mission-driven businesses that meet high verified standards of social and environmental performance, transparency, and accountability
NEW YORK, March 8, 2023 /PRNewswire/ - Capital Rx, the healthcare technology company on a mission to change the way prescription drugs are priced and patients are serviced, is proud to be the first pharmacy benefit manager (PBM) serving government (Medicare/Medicaid) and commercial (Employer) plans to earn B Corp™ Certification from the nonprofit B Lab™. The B Corp Certification required a comprehensive review of the business’ structure and vision, including its social performance, accountability, transparency, stakeholder governance, and commitment to economic systems change.
“At Capital Rx, we share and support B Lab’s Vision for Change: an inclusive, equitable, and regenerative economic system for all people and the planet,” said Capital Rx Co-Founder & CEO AJ Loiacono. “It’s been five years since we embarked on this mission to reimagine the pharmacy benefits industry, but we’ve held true to our core tenets, and our Impact Score of 90.1 reflects our commitment to driving cost savings and providing exceptional service to plan sponsors and members. With the growing chorus of regulatory and legislative members decrying the questionable drug pricing practices of legacy PBMs, our B Corp Certification stands out; it acknowledges the importance of the transparency and accountability embedded in the Capital Rx business model.”
Capital Rx, a full-service PBM and pharmacy benefits administrator (PBA), is the fastest-growing health tech company in North America and one of relatively few B Corps in the Health Care sector. It is also the first PBM in the industry to move away from Average Wholesale Price (AWP) in favor of an equitable Single-Ledger Model that leverages the nation’s first commercial network based on acquisition cost-plus economics. This ethical pricing model eliminates all conflict revenue, ensuring that every decision made is aligned with the best interests of customers and patients across commercial, Medicare, and Medicaid lines of business.
Scrutiny of PBMs’ business practices, including spread pricing and rebate retention, is at an all-time high, and officials at the state and federal levels are focused on bringing transparency and accountability to the industry. Meanwhile, Capital Rx is laying the foundation for enduring change. The company has spent several years building and commercializing JUDI®, the industry’s first enterprise pharmacy platform, which unifies all pharmacy benefit operations into a single platform. JUDI is designed to be scalable, help rein in administrative costs, and provide the nation with the infrastructure needed to meet rising standards for connectivity and interoperability, ultimately allowing for the advancement of value-based and personalized care.
Capital Rx President, Matt Gibbs, PharmD, added, “The PBM industry has been dominated by larger PBMs that have designed an economic system that is simultaneously complex and opaque – there’s no reason patients should pay different prices for the same drug at the counter. We’ve chosen to prioritize transparency over short-term profits to create a lasting positive impact on the U.S. healthcare system and deliver patients the level of care they deserve. We’re proud to be a ‘force for good’ alongside the other members of the global B Corp community.”
About Capital Rx
Capital Rx is a healthcare technology company reimagining pharmacy benefits to change the way prescription drugs are priced and patients are serviced in America. The company is executing its mission through a Single-Ledger model, the first ethical framework for drug pricing that allows for price transparency; the development of JUDI®, the industry’s first cloud-native enterprise pharmacy platform, which connects every aspect of the pharmacy ecosystem in one platform; and delivering exceptional service to clients and members 24/7, 365 days a year. For more information, please visit www.cap-rx.com.
About B Lab
B Lab is the nonprofit network transforming the global economy to benefit all people, communities, and the planet. B Lab creates standards, policies, tools, and programs that shift the behavior, culture, and structure of capitalism. We mobilize the global B Corp community towards collective action to address society’s most critical challenges, and we collaborate with governments, academia, coalitions, and other institutions to drive economic systems change.
To learn more, please visit www.bcorporation.net.
About Certified B Corporations™
Certified B Corporations, or B Corps, are companies verified by B Lab to meet the high standards of social and environmental performance, transparency, and accountability.
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