In partnership with Thomas Herd
Standard market economic theory holds that higher competition breeds better quality products within markets, ultimately also yielding better value to the end-consumer.
While this paradigm may hold true for most industries, it certainly does not in modern medicine where higher competition amongst market players has led to alarming gaps in value for the end consumer.
Photo Credit: Courtesy of Prescriber’s Choice
Healthcare reform leader Dr. Spencer Malkin CEO of Sincerus Pharmaceuticals Inc has recently brought this problem to mainstream attention- racking up media attention across top publications such as Maxim, Silicon Valley, and ABC News- showcasing the fact that the drug pricing model is broken.
It is dominated by a complex web of interactions between Big Pharma manufacturers, Pharmacy Benefit Managers (PBMs), and middlemen such as wholesalers and distributors making it much harder for patients to receive the type of medicine or treatment they need.
Take dermatology for instance, where an alarming 70% of patients that require prior authorization do not get the medicine they were originally prescribed by their doctor once they arrive at the drug store. This happens due to the circumstances and conditions set by the above market makers which are not primarily driven by the best interests of the patient. Formularies are heavily driven by profit motives and rebates, a system criticized as bordering on illegal kickbacks. The result is that patients are forced into a less effective substitution that is dictated by this lopsided reimbursement system, or worse- they walk out empty-handed.
This break in the chain from prescription to reimbursable drug dispensed has correlated with the rise of these ultra-competitive conditions in the drug market, ultimately leaving both the patient and the end-doctor with less effective remedies or nothing at all.
The good news is that Malkin is doing more than just spreading awareness. He is spearheading the path to a solution by providing doctors- in this case, dermatologists- a separate avenue to ensure that their prescriptions can be followed through on.
Malkin- through his company Sincerus Pharmaceuticals- is able to design customizable medications based upon physician preference/individual patient needs that are supplied directly from the its daughter companies Prescriber’s Choice and Sincerus Florida (An FDA Registered 503B Outsourcing Facility)which can then be administered directly from doctor to patient, bypassing the middlemen players such as wholesale distributors, PBMs, and pharmacies.
Now as Sincerus Pharmaceuticals and the awareness of its turnkey solution spread nationally, the negative vortex around price inflation of drugs is beginning to wane. -Sincerus Pharmaceuticals is now established 44 states, spread over thousands of accounts, and helping improve a big share of the dermatology market.
The auspicious news is worth noting and even talking to your own dermatologist about. To find out more, please check out https://sincerususa.com.
