Last week Santa Monica-based GoodRx launched its drug price comparison iPhone app and website. The GoodRx app aims to help consumers compare drug prices at competing pharmacies and it also offers discounts, coupons and others tips on saving at pharmacies.
Here's how the app works: Users enter in the name of the prescription they are shopping around for along with their zip code. The app then shows a list and map of prices for the brand name and generic versions of the drug the user is seeking -- both from local brick-and-mortar pharmacies as well as mail order ones. GoodRx claims that it has more than 1 million prices for more than 6,000 brand name and generic drugs. The app also offers refill reminders and price alerts.
“The good news is that the price of many important prescription drugs has decreased over the last few years. The bad news is that prices vary wildly and health insurance covers less and less of those costs. We can instantly compare prices for home electronics, airline tickets and cars -- so why not drugs?” stated Doug Hirsch, co-founder and chief executive officer of GoodRx.
Last month a similar app launched: LowestMed. The big difference between the two is that LowestMed is a discount prescription membership app that helps users save on prescription drugs, while GoodRx helps users find the most competitive retail prices.
More in the press release below:
SANTA MONICA, CA – Feb 16, 2012 – GoodRx today announced that it has created an innovative prescription drug price comparison technology that provides consumers with accurate drug prices from virtually every U.S. pharmacy. GoodRx, available as both a website www.goodrx.com and free iPhone app, allows consumers to compare drug prices, which can differ greatly between competing pharmacies, and find discounts, free coupons and savings tips.
Consumers simply enter the name of a prescription drug and their zip code. GoodRx immediately displays both a list and a map of prices for both the brand-name and generic versions of the drug from local and mail-order pharmacies. GoodRx’s database contains over one million prices for more than 6,000 brand name and generic drugs.
In addition, consumers can set up refill reminders and price alerts through GoodRx’s My Prescriptions feature, which emails the latest prices in time for a consumer’s next refill.
“The good news is that the price of many important prescription drugs has decreased over the last few years. The bad news is that prices vary wildly and health insurance covers less and less of those costs. We can instantly compare prices for home electronics, airline tickets and cars -- so why not drugs?” asks Doug Hirsch, co-founder and chief executive officer of GoodRx. “GoodRx empowers consumers, doctors and health care providers to make educated decisions about what drugs to prescribe and where to fill them. This technology not only saves money but also encourages consumers to fill and refill the prescriptions they need to stay healthy.”
Americans spent more than $300 billion on 4 billion prescription fills in 2010. According to the Kaiser Family Foundation, there were nearly 50 million uninsured Americans between the ages of 18 and 64 in 2010. GoodRx provides price and discount information saves money for both cash-paying and insured consumers, who can often find generic drugs for less than their insurance co-pay. GoodRx can also be a valuable tool for:
Senior citizens without prescription benefits, estimated by the Kaiser Family Foundation. to be about 5 million; senior citizens covered by Medicare stuck in the “donut hole”.
Individuals with untaxed health spending accounts, health insurance plans that have high deductibles or a co-pay as a percentage of prescription costs.
Insured individuals whose employers have scaled back health insurance benefits.
“One of the best ways patients can use GoodRx is at their doctor’s office, when they receive a prescription. Too often, prescriptions go unfilled because patients cannot afford them,” said Dr. Sharon Orrange, Associate Professor of Medicine at the University of Southern California and author of GoodRx’s Small Doses Blog. “With GoodRx, patients can be their own health care advocate and find the lowest price brand name or generic drug while still in their doctor’s office.”
Key Features of GoodRx:
Instant access to current cash and negotiated prices at local pharmacies.
Access to free discount coupons that can be used at most pharmacies.
My Prescriptions email refill reminders with the up-to-date prices for their medicine.
Specific strategies and tips for consumers to increase savings.
Drug manufacturer coupons which can be worth $1000 or more per year.
“GoodRx represents the future of health care in the U.S. as consumers look for more transparency in the health and drug industry,” said Dawn Lepore, former CEO of Drugstore.com and advisor to GoodRx. “GoodRx is led by very talented internet entrepreneurs who helped shape internet giants Yahoo and Facebook. They are bringing much needed innovation to the process of purchasing prescription medicines and they are poised to have a significant impact on the way Americans think about buying their prescription medicines.”
About GoodRx
GoodRx is the first and only prescription drug price comparison tool created for consumers with prices from pharmacies nationwide. GoodRx’s founders are seasoned technology executives who were early employees at Facebook, Yahoo and other successful companies.
GoodRx has received seed funding from Founders Fund, GRP Partners, Highland Capital, SV Angel, Lerer Ventures, Dawn Lepore (former CEO of drugstore.com), Ed Wilson (former President of Tribune Broadcasting) and others. For more information, visit www.goodrx.com.
