Podcast 176: Increasing Transparency with Cost-Plus Drug Pricing w/ MakoRx Founder Vinay Patel

Episode Summary

Every year, medication prices keep going up, putting even more strain on Americans’ budgets.To make it worse, the price you see online often doesn’t match what you’re charged at the pharmacy counter.So why the lack of transparency?And equally important, what can be done to ease the pressure of these rising costs?Join Vinay Patel, founder of MakoRx, as he unpacks the complexities of prescription drug pricing and reveals how MakoRx is disrupting traditional models with cost-plus pricing to make medications more affordable and accessible for everyone.This episode is part of our Pharma Series, an ongoing collection of episodes featuring interviews with the leaders and innovators who are reshaping the future of the pharmaceutical industry.

Episode Notes

Every year, medication prices keep going up, putting even more strain on Americans’ budgets.

To make it worse, the price you see online often doesn’t match what you’re charged at the pharmacy counter.

So why the lack of transparency?

And equally important, what can be done to ease the pressure of these rising costs?

Join Vinay Patel, founder of MakoRx, as he unpacks the complexities of prescription drug pricing and reveals how MakoRx is disrupting traditional models with cost-plus pricing to make medications more affordable and accessible for everyone.

This episode is part of our Pharma Series, an ongoing collection of episodes featuring interviews with the leaders and innovators who are reshaping the future of the pharmaceutical industry.

TOPICS:

(0:15) Intro

(1:17) What Got Vinay Patel Into the Industry

(4:00) Understanding Drug Pricing Models

(11:01) What Is a Limited Distribution Network?

(13:46) What Is Distribution Direct?

(15:21) Looking at the Supply Side of Pharmaceuticals

(19:34) Structuring Pharmacy Benefits

(26:00) The Difference Between Fixed Dollar Rebates and Percentages

(31:14) What Role Do Generic Companies Have in Product Use?

(37:24) Moment-to-Moment Drug Pricing and Buying

(39:07) How MakoRx Is Tackling Drug Pricing Issues

(42:44) The Argument for Giving Drug Cost Transparency

(47:19) What Is MakoRx's Value Proposition?

(50:12) What's Behind the Drive for Pharmacy Innovation?

(54:54) How Pharmacies Will Change in 2025

🎙 ABOUT HEALTH CARE ROUNDS

Health Care Rounds is a weekly podcast developed for health care leaders who are at the forefront of health care delivery and payment reform. Join Darwin Research Group founder and CEO John Marchica as he discusses the latest advancements in health care business news and policy developments.  

🎙ABOUT VINAY PATEL

Vinay Patel, the founder of MakoRx and a pharmacist executive with 16 years of experience has been a driving force in advancing population health, community pharmacy, and pharmacy benefits, positively impacting chronic care for thousands of patients. Clinically, he has managed chronic diseases in primary care settings, optimized diabetes care, and supported geriatric medication management. As a leader, he has spearheaded Medicaid asthma programs and initiatives that saved physician hours while generating revenue. Passionate about teaching and innovation, Vinay fosters growth within healthcare teams, enhancing their efficiency and improving patient outcomes.

🎙ABOUT MAKORX

MakoRx provides accessible, affordable healthcare solutions through innovative pharmacy services, including cost-plus drug pricing, subscription health plans, and in-pharmacy urgent care and testing. Their model challenges traditional healthcare by offering both individual and employer-focused options that enhance patient quality of life while optimizing healthcare costs. Committed to advocacy, MakoRx ensures patients have access to knowledgeable pharmacists and technicians who offer guidance on medication plans and cost-saving alternatives.

🎙 ABOUT JOHN MARCHICA, HOST OF HEALTH CARE ROUNDS:

John Marchica is a veteran health care strategist and CEO of Darwin Research Group, a strategic consulting and market intelligence firm focused on hospitals, health systems, physician groups, and the evolving health care ecosystem. John has a degree in economics from Knox College, an MBA and M.A. in public policy from the University of Chicago, and completed his Ph.D. coursework at The Dartmouth Institute. He is an active member of the American College of Healthcare Executives and is pursuing certification as a Fellow.

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