March 19, 2020 - EnvisionRxOptions, a wholly owned subsidiary of Rite Aid Corporation, announced it will further integrate its pharmacy benefits, services and technology companies, rebranding under the new name, Elixir. Founded over 18 years ago on the idea of bringing unconventional levels of transparency and flexibility to pharmacy benefit management (PBM), EnvisionRxOptions has since acquired and developed all of the pieces to optimize the full pharmacy care experience. As the only independent, pharmacy-owned, national PBM, the increased integration will give both payers and patients access to the best products and services from across the portfolio.
Over the next several months, the following entities of EnvisionRxOptions will become Elixir:
- EnvisionRx and MedTrakRx, pharmacy benefit managers (PBMs)
- EnvisionPharmacies, mail and specialty pharmacies
- LakerSoftware, PBM adjudication platform and technology services
- EnvisionInsurance, Medicare Part D insurance for individuals and groups
- HospiceRx, pharmacy services for hospices and long term care facilities
- EnvisionSavings, prescription savings programs for under- and non-insured
- EnvisionFertility, prescription discount program for fertility medications
“There’s been a lot of discussion in recent months about transparency with rebates, the future of Medicare and Medicaid and really doing something different to better manage specialty spend and care,” said Dan Robson, president, EnvisionRxOptions. “Because we’re more than a PBM, we have a lot to offer, and the market is ready for change.”
As more firms, health plans and specialty pharmacies enter the healthcare space and integration continues among larger organizations, the soon-to-be-rebranded company is in a unique position, with the scale and experience to offer real value and a history of transparency that builds trust.
“We’re in a $400 billion industry, yet some segments are underserved,” continued Robson. “If you are a mid-market employer, you have two choices – go with one of the three biggest PBMs and give up flexibility. The other option is to use a smaller PBM but give up critical capabilities. If you are an employer group, who needs to lean heavily on our expertise, or a regional health plan, who is looking to grow and gain more control over your pharmacy program, Elixir is a strong alternative.”
The company plans for significant investment in their industry-leading technology platform. This includes engaging members in meaningful new ways to help them make the best prescription choices, and offering new and evolving clinical solutions to improve member health and wellbeing. Elixir will also be crafting the best in class specialty pharmacy solutions for complex conditions. Additionally, by engaging national, local and Rite Aid pharmacies, Elixir will offer competitive pricing and clinical solutions.
“Rite Aid also just announced our own brand refresh and new strategy that includes Elixir as vital to our future,” said Heyward Donigan, chief executive officer, Rite Aid. “Increased integration with Elixir allows us to collectively hyper-focus on consumer engagement and coordinated care—especially in communities where we have both Elixir members and retail pharmacies. Together, we have a real opportunity to help our customers, including Elixir’s Medicare Part D members, not only get healthy, but to get thriving.”
Why Elixir? An “elixir” is a solution in which medicines are mixed together, evenly distributed within the whole, to craft a cure for a problem. The name, Elixir, was chosen to represent a blending of the businesses and cultures of EnvisionRxOptions’ companies, as well as an increased integration with Rite Aid. With the unique ability to optimize the full pharmacy care experience, Elixir is more than a PBM, and more than a Medicare Part D plan. Elixir is crafting solutions to cure the pharmacy benefits and services challenges of today.