Even in crowded therapeutic classes where one would expect market dynamics to be driving prices down, a dysfunctional rebate structure is sometimes used to box out me-too therapies from insurer/PBM formularies, prioritizing drugs with high prices and large rebates over those with lower list prices. For EQRx to succeed in this sort of marketplace, the company will need to demonstrate a deep commitment to their mission of affordability with major (not minor) discounts off current net prices. Just as importantly, the company will likely need to rapidly reach sufficient scale across several therapeutic classes to build broad enough awareness that major employers, unions, and other plan sponsors – those same organizations that are increasingly frustrated with their drug spending – will actively seek out alternative options from EQRx.