What is a Public Benefit Corporation?
AffirmedRx is not in business just for the money. We care about our patients and work to deliver the best possible value when it comes to pharmacy benefits. We thought that the traditional meaning of pharmacy benefit manager (PBM) could be enhanced with the designation of a public benefit corporation (PBC). So, we underwent the process of changing our corporate charter in the state of Delaware to align with our mission.
As of March 1, 2022, we officially changed from a C-Corporation to a PBC. Therefore, our values are not only upheld within our organization, but also by the reputation and requirements a PBC holds.
AffirmedRx is not another profit-driven PBM – we are a patient-centric, clinically-focused pharmacy benefit manager.
How Does a Public Benefit Corporation Work?
We are about the people we work with and work for. The traditional pharmacy benefit industry is gouging the wallets of those who need pharmacy-related care, and we want to do our part to help reimagine and change the way PBMs work. In order to not be restrained by our responsibility to shareholders, we changed our corporate charter to a public benefit corporation.
A PBC by definition generates social and public good. We operate in a socially responsible manner with legislated reporting requirements that offer more transparency and accountability to the public, and to our clients.
Another benefit to becoming a PBC is the directors’ liability. The board of directors can now make decisions based on our public benefit purpose without the worry of being held liable for the effect on profit. As opposed to traditional corporations that are for-profit, like the standard C-corp, we are protected by our public benefit purpose to make the right decisions for the public (for our clients and their members) without being subjected to review by shareholders interested solely in financial gain. Shareholders now have the incentive to trust the decisions made for public good. To sum it up: a public benefit corporation is not financially driven due to our responsibility to report on our benefit to society rather than reporting on our financial gains.
We want to continue to work for our clients and the lives they impact. Being a public benefit corporation allows us do what we do best: provide patient-centric pharmacy care to our members. We are committed to our clients. Check out our solutions page and find out how working with AffirmedRx can make a positive impact in your business.
We promise to keep you in mind with every decision we make. With AffirmedRx, you’ll have the clarity you’ve been looking for, and the flexible technology your members need for pharmacy benefits and care.