![]() ![]() However, those agreements are structured around dedicating funding to purchase access to these products, unlike Pear’s agreement with the state of Massachusetts, which provides coverage to all people covered by Massachusetts Medicaid. Pear’s leadership discussed getting coverage earlier this year in the states of Oklahoma and Michigan for its therapeutics for substance use and opioid use disorders. Insurance coverage was a point of focus during Monday’s earnings call. The average selling price is expected to decrease throughout the year as Pear uses it as leverage with larger deals, Credit Suisse analysts wrote in a Tuesday research note. Of those, about half were actually turned into paid prescriptions, at an average selling price of $1,353.įor the year, Pear expects to see fulfillment rates of 50% to 65%, and payment rates of 50% to 65%, at an average selling price of $1,150 to $1,350. In the first quarter, Pear filled a total of 9,200 prescriptions, about 57% of which were fulfilled. ![]() Pear’s new financial disclosures provided more insight into how the company derives revenue from its digital therapeutics. Instead, the company is disclosing the average payment rate and average selling price for its therapeutics. The company stopped tracking total covered lives, which it had used as a proxy for payment rate, and which had gotten increasingly complicated as patients now access its products both through their pharmacy benefit and as durable medical equipment, CEO Corey McCann said on a Monday earnings call. Pear is keeping its forecast of $22 million in revenue for 2022 and 50,000 to 60,000 total prescriptions for the year.Pear recently shared 12-month data on reSET-O, its digital therapeutic for opioid use disorder, and 24-month data on Somryst, its therapeutic for insomnia, showing a reduction in emergency department visits and hospitalization for patients who used these treatments. Since this is a new category of products, the company is looking to gain insurance coverage through studies proving the health and economic benefits of its treatments.Most of its revenue stems from sales of its three digital therapeutics: software-based treatments for substance use disorder, opioid use disorder and insomnia. In the first quarter of 2022, the digital therapeutics startup brought in revenue of $2.7 million, up 108% from last quarter and up 618% year-over-year. Pear Therapeutics continued to grow its revenue on a sequential basis. ![]()
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