GoodRx, a discount pricing company, announced Wednesday that it is partnering with pharmacy benefit manager MedImpact to launch an integrated savings solution to help lower drug costs for patients.
Santa Monica, California-based GoodRx helps consumers compare prescription drug prices and get coupons. San Diego, California-based MedImpact delivers pharmacy benefit solutions for payers.
Before this partnership, consumers would have to compare their co-pay cost for medications to the GoodRx cost and choose the one that worked best for them. Starting January 1, eligible MedImpact members won’t have to do this comparison themselves. GoodRx’s price comparison technology is being integrated with MedImpact’s technology platform. When eligible MedImpact members fill generic medication prescriptions, the companies’ integrated savings solution will compare the member’s benefit with GoodRx’s price and automatically apply the lowest-cost option.
“In short, consumers benefit from getting the best price on their prescriptions without any changes to the prescription fill process,” said Doug Hirsch, co-founder and chief mission officer of GoodRx, in an email.
The amount patients spend through the savings solution also automatically contributes to members’ deductibles. This is normally not the case when people use GoodRx outside of their health plan and is often a “complaint” of the company, Hirsch previously told MedCity News.
Hirsch said that GoodRx’s savings programs “operate much like our normal business model, where we are compensated when prescriptions are filled at the pharmacy.” However, he declined to share specific financial terms of its agreement with MedImpact. Other savings programs GoodRx has with PBMs are with CVS Caremark and Express Scripts. CVS Caremark, Express Scripts and OptumRx control 80% of the PBM market share.
“Our recent partnerships with both PBMs and major pharmacy chains enable us to offer both transparency and significant savings through a seamless process,” Hirsch said. “Integrating our savings directly with PBMs expands the reach of our business, gives PBMs better insight into prescription fills, and delivers the lowest price on prescriptions without any extra work on the part of the consumer. It’s a win-win-win.”
About 28% of adults say it is difficult affording their prescription medications, according to KFF. In addition, about 31% of adults don’t take their medication as prescribed due to cost. This includes not filling a prescription, taking an over-the-counter drug instead of filling a prescription and cutting pills in half or skipping doses.
By working with MedImpact, GoodRx hopes to ultimately help patients afford their medications, Hirsch said.
“The primary goal of this partnership is to get people the care they need at a price they can afford, which is also our corporate mission,” he said. “Secondarily, this partnership furthers our goals to expand the reach of our savings into the insurance market and unlock new customer segments for our prescription savings business.”
The news comes after GoodRx launched a solution called the Medicine Cabinet, which is integrated into GoodRx’s app and helps consumers manage their medications.
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