At Pharmwerks

we recognized the tragic inefficiencies and downfalls in modern pharmacy benefits manager programs. With the technology available to us in 2019, problems like poor cost controls, lack of transparency, and conflicts of interest should be a thing of the past. After studying the intricacies of modern solutions to problems like this, we believe a simple combination of blockchain and artificial intelligence (AI) can change the entire pharmaceutical industry. 

PBMs were originally created to make our lives easier. They would allow companies to offer pharmacy benefits to a wide variety of companies and thier employees in a wide variety of geographical locations. Basically, they were intended to make contracting with pharmacies easier. It worked well for a while. Today, however, PBMs have become expensive middlemen. It is estimated they add up to 40% of needless cost to our country’s prescriptions. They are the single biggest contributor to runaway medication prices. And they do this all from the dark, refusing to be even a little transparent about their pricing methodologies and operating practices. Our country needs relief…

Free markets normally cut out the middle man by default. Unfortunately, there hasn’t been a cost-effective way to compete with PBM’s, until now. Where PBMs require thousands of employees and analysts to do the expensive and opaque work of setting drug reimbursement figures, Pharmwerks deploys technology specifically developed to cut out middlemen and make pricing crystal clear for companies and their beneficiaries. 

Not only does Pharmwerks dramatically reduce overhead costs of running a PBM, they do so in a way that avoids the gross conflicts of interest that are prevalent in every major PBM currently operating. 

What if the prescription benefits you offer to your employees cost 40% less? What if your employees got 20% more coverage because of that? What if pharmacy benefits were something that we could all easily understand? What if pricing was crystal clear and you knew your company and beneficiaries were getting a great deal? Your company could be even a more competitive employer than it already is while saving millions of dollars. 

This is EXACTLY what we intend to do. Create a win-win situation for every employer and employee in the country and privately ease a large portion of our healthcare melancholy.

Next Steps…

If you feel that PharmWerks is a project worth supporting, feel free to reach out to our founder, Hyrum Wilson. As a pharmacist with 15 years of industry experience, he knows first hand the devastating effects of the current system, and how to best fix them.