This first-to-market point-of-sale platform combines industry expertise, artificial intelligence and comprehensive, deep-data libraries to seek out and identify errors so that the right discounts are applied to the right transaction.
A point-of-sale platform developed by Kalderos aims to deliver visibility into prescription drug discount compliance and to eliminate more than $8 billion in annual drug discount waste.
This first-to-market product combines industry expertise, artificial intelligence and comprehensive, deep-data libraries to seek out and identify errors so that the right discounts are applied to the right transaction, according to a press release from Kalderos. It is a real-time, compliant, point-of-sale chargeback solution for the prescription drug market.
“We’re having a conversation as a country in order that pharmacies pay the beneficiary. But in order to make that goal a reality, every transaction should be within a regulated environment,” said Jeremey Docken, CEO and co-founder of Kalderos, in an interview with Pharmacy Times. “Kalderos’ goal is to enable drug discounts for manufacturers to make sure the right discount is effectuated for the right transaction. We want to enable the discount request to be made, evaluated, and paid to the right party in a compliant way.”
According to the compnay's press release, noncompliant drug discount claims wasted an estimated $8.5 billion in 2018, and currently hundreds of billions of dollars in drug discounts are not benefiting patients. Drug discount programs require a modernized approach in order to ensure that drug discount programs are managed compliantly and effectively in tandem with policy mandates and legislation changes to reduce drug prices.
“We had launched an auto platform so that adjugated transactions could be evaluated and corrected, and through looking back, we began finding errors and their causes,” explained Docken. “We found that the current infrastructure is tied to discounts that are effectuated through wholesalers, so up-front discount programs had either too many or too few discounts. We were then looking at data through wholesaler models and matching that information to data related to the payer-related discount. So, it was nearly impossible to do that in a way that identified both sets of problems.”
In order to ensure that these discrepancies weren’t repeated through their system, the team at Kalderos built a stand-alone infrastructure from the ground up. This way, their platform could encompass any number of manufacturer-payer situations in a compliant, error-free way. This dedication to effective technology ultimately makes an simple, easily-integrated point-of-sale system for pharmacists.
To Docken, pharmacists have a challenging job already, from managing their business to taking care of patients.
“In the design of this point-of-sale solution, we spoke with many different pharmacies to ensure that the technology is easily integrated with a switch system or the management systems across the board. We are effectuating the discount through the manufacturer in a simple, easy way through existing switches and software to easily integrate our solution through the tools that pharmacists rely on.”
The platform has the support of Mercato Partners, which recently pledged approximately $7 million in funding to accelerate market adoption of Kalderos' drug discount managment solution.
Kalderos Secures $7 Million Funding to Deliver Data-backed, Financially Transparent Drug Discount Management Solution [news release]. Chicago, IL; May 8, 2019: Kalderos. [email]. Accessed May 13, 2019.