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06/10/2015
FamilyWize Announces Milestone of More than $175 Million in Prescription Medicine Savings for U.S. Consumers in 2014
Savings of 42 Percent with the Free FamilyWize Prescription Savings Card
BETHLEHEM, Pa. – June 10, 2015 – FamilyWize, a community service partnership focused on improving the health and well-being of individuals, families and communities, announced today that it saved 2.2 million consumers more than $175 million on prescription costs in 2014, through the use of its free Prescription Savings Card.
This achievement and others were shared by FamilyWize in its 2014 Community Impact Report, which provides details on the positive impact that FamilyWize and its network of more than 100,000 partners, including non-profits, pharmacies, businesses and government organizations, have had on individuals and families nationwide. Key highlights of the report include the following and an infographic is also available:
For the year 2014, FamilyWize:
- Helped more than 2.2 million people save $178 million on prescription costs
- Helped these same consumers save an average of 42 percent off retail prescription costs through the FamilyWize card, for an average savings of $29.14 per prescription
Consumers saved on prescriptions for chronic, as well as acute conditions. With the FamilyWize card, the average savings per major therapy class in 2014 was as high as 53 percent:
- 53 percent savings on gastrointestinal prescriptions
- 51 percent savings on mental health prescriptions
- 45 percent savings on infections prescriptions
- 33 percent savings on heart disease prescriptions
Since its inception in 2005 through December 2014, FamilyWize has helped millions of consumers save on the cost of their prescriptions:
- 7.7 million consumers have saved on prescription medicine costs using the FamilyWize Prescription Savings Card
- $779 million has been saved by consumers using the FamilyWize Prescription Savings Card
- More than 41 million prescriptions have been filled using the FamilyWize Prescription Savings Card
Profound changes in the U.S. healthcare landscape in recent years have resulted in rising costs for prescription medications and higher deductibles with longer deductible periods. As a result, an estimated 80-100 million Americans are currently uninsured or have to pay for the full cost of their medicine out of pocket. For many of these consumers, the cost of their prescription medications is prohibitive.
“Whether people are insured or uninsured, they have the power to be smart shoppers with their medications,” said Dan Barnes, founder and chief executive officer of FamilyWize. “Our report demonstrates the positive impact that we have had on families and communities that use our card. Over the past almost 10 years, over 40 million prescriptions have been filled with real savings.
FamilyWize has a tangible impact on improving the health and wellbeing of individuals, families and communities.”
The FamilyWize Prescription Savings Card, which is accepted at more than 60,000 pharmacies nationwide, covers all prescription medications. The card is free to all consumers – both insured and uninsured – and provides an average savings of 42 percent on medication costs. The FamilyWize Prescription Savings Card functions like a reusable prescription discount coupon, does not require any personal information from the user and has no eligibility criteria. To take advantage of the savings that FamilyWize offers, consumers can print a card from FamilyWize app.
FamilyWize also has a Drug Price Lookup Tool, an online resource to compare prescription medication prices and find local pharmacies with the lowest price. Consumers can access the easy-to-use tool on FamilyWize.org or through the FamilyWize app.
About The FamilyWize Community Partnership
FamilyWize is a community service partnership focused on improving the health and wellbeing of individuals, families and communities. Through our partnerships with United Way and more than 100,000 community organizations, government agencies, pharmacies, health systems and businesses, we are making prescription medications more affordable and more accessible.
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