eNavvi is a mobile application developed to revolutionize the US healthcare system by making drug prices transparent. The app has launched nationwide providing Medicaid and Medicare formulary information for medical professionals and patients alike.
eNavvi was founded with the mission to empower care providers with access and transparency to treatment costs by providing patient formulary data to pharmacists, nurses and physicians. eNavvi also provides therapeutic equivalents if intended prescription medications are not covered by an insurance company or are too expensive.
A study has shown that there is a saving potential of $208 per patient yearly when care providers are given access to formulary and drug cost information. These savings are particularly important with healthcare spending increasing yearly by and on the behalf of families with large employer coverage. Not only is overall spending increasing, but out-of-pocket costs are growing at a rate faster than wages for those covered in a large employer plan.
Other studies have estimated the cost of patient medication non-compliance is between $100-$289 billion every year in direct costs which is majorly caused by medication costs. Nearly 25% of Americans are finding it difficult to afford the cost of their medication due to the often unpredictable nature of insurance reimbursement for prescriptions as well as the varied out-of-pocket costs. Prescriptions costs can vary significantly based on:
- Insurance coverage
- Patient location
- Which pharmacy patient uses
- Whether patient has access to coupons or discounts
eNavvi aims to fill the information asymmetry gap with regards to prescription medication formulary in the healthcare system that often leaves providers in the dark and tasked with finding alternative options for their patients.
Not only will eNavvi save providers time, but the tool will end the vicious cycle of nonadherence and poor health of patients who cannot afford their medication which leads to an increase in service utilization and overall healthcare costs. Lowering healthcare costs as a whole stands to improve the US healthcare system. Considering the US spent $10,966 per person in 2019, which was 42% higher than Switzerland, the country with the next highest per capita health spending.