MedImpact Celebrates 30 Years Making Pharmacy Benefits Transparent, Understandable, and Affordable
At a time of rapid vertical integration in the industry, MedImpact remains independent and member-focused
San Diego, CA (09/26/2019) —Thirty years ago this month, MedImpact, was founded to reduce the cost and complexity of pharmacy benefits, and engage consumers in their own healthcare. Today, as one of the five largest pharmacy benefit managers (PBMs) in America, the company serves more than 55 million consumers and manages $30 billion in drug spend.
In 1989, MedImpact was founded by Fred Howe, a pharmacist and independent pharmacy owner. He saw firsthand how families struggled with the high cost of prescriptions, and how it impacted their lives, financial security, and health.
He started MedImpact to be a PBM with a decidedly different perspective and approach. Today, for example, MedImpact rejects industry practices that allow PBMs to earn more when their clients and members pay more. Similarly, the company’s pharmacy-neutral approach means that its incentives are aligned with that of its clients: to keep prices low without sacrificing quality and choice.
“We are at a time in the industry when lines are blurring and companies are measured by the returns they deliver to Wall Street, not the difference they make in people’s lives,” continued Brown. “That is not who we are. We are an independent company that works for our employees, clients, and pharmacy partners, and we have never lost sight of whom the benefits are for -- consumers.”
Three decades ago, MedImpact started with ten employees in San Diego. Today, MedImpact’s 1,700 employees serve some of the most recognizable plans, self-insured employers, government programs, and 55 million consumers around the world.
MedImpact is the PBM that puts clients and consumers first. For 30 years, it has had a single mission: To make pharmacy benefits affordable, understandable, and transparent. Today, MedImpact’s team and technology serve many large employers and plans, and more than 55 million consumers in the US and around the world. Learn more at pbm.medimpact.com or follow us on Twitter @MedImpact.