Dr. Michael Rea formed Rx Savings Solutions in 2008 after routinely witnessing consumers struggling to pay for their medications. Working as a pharmacist, he quickly noticed that consumers were paying much more than they needed to for their prescriptions, which was attributable to a lack of information available to them. He was compelled to help, and identified savings opportunities made possible by providing a transparent view of current costs and ways to reduce those costs to the consumer. In addition to the savings Rx Savings Solutions identifies for consumers, their employers and insurers also benefit greatly. Since inception, Rx Savings Solutions has operated with the goal of bringing price transparency and advocacy to the market.
With his many years of experience as a retail pharmacist, Dr. Rea possesses a unique understanding on creating an effective approach for consumers to follow. While acting as a pharmacy manager, he learned the inner workings of the business. During that same time, he was directly responsible for dispensing tens of thousands of prescriptions on a yearly basis. This experience and interaction with customers provided invaluable insight when developing a solution that takes into account the many barriers, breakdowns, and unforeseen misinformation a consumer might receive. In addition, he also held a position as a specialty pharmacist in the Clinical Management Division for a major health insurance carrier. This position provided him exposure to specialty pharmacy, the issues consumers face paying for these high cost medications and solutions available.
Dr. Rea founded and has led the company through its initial growth phase of advancing the functionality of automated processes, user experiences, and securing its first major contract. Dr. Rea has been involved with research surrounding pharmacy transparency for over 10 years and was a researcher and/or a co-author on several scholarly published papers focused around this topic. His many years of experience developing a pharmacy transparency tool make him the earliest mover in the industry. Dr. Rea and Rx Savings Solutions were recently featured in Bloomberg Businessweek.
Dr. Rea attended the University of Minnesota, Morris where he completed his pre-pharmacy coursework. He received his Doctor of Pharmacy degree from the Creighton University School of Pharmacy and Health Professions.