The GoodRx Effect: Delivering a Transformative Impact on the U.S. Healthcare System through Prescription Savings
January 11 2024 - 9:00AM
Business Wire
New report reveals that by improving medication
access and adherence, GoodRx has helped save Americans $65 billion
and the healthcare system over $5 billion
GoodRx (NASDAQ: GDRX), the leading destination for prescription
savings, today shared a report looking at the company’s impact on
social welfare as a result of helping millions of people access
affordable medications. “The GoodRx Effect: How GoodRx is Changing
the Economics of Healthcare” shows that by saving people money and
improving medication adherence, GoodRx positively impacts health
outcomes and significantly reduces costs within the healthcare
system – including saving the healthcare system an estimated $5
billion to date.
Since “The GoodRx Effect” was first published in 2021, the
healthcare industry has faced numerous challenges and changes that
have impacted the availability and accessibility of prescription
medications, like the end of the COVID-19 public health emergency
and the unwinding of Medicaid. With 43 percent of working-age
American adults inadequately insured in 2022 – 9 percent lacking
insurance altogether – people urgently need the tools and resources
to help reduce high healthcare costs. That is why GoodRx is
building a bridge to healthcare for its users by making it more
efficient, easier to use, and easier to understand.
To date, GoodRx has saved consumers more than $65 billion on
brand-name and generic prescription medications – and that number
is growing every day. The importance of these savings becomes clear
when examining the company’s ripple effect:
Significant savings that improve adherence
- GoodRx users saved an average of 82% on retail
prices for prescription medications in the last year, which helped
about 10 million users save over $200 off retail prices for their
prescriptions.
- Since its inception, we estimate that GoodRx has helped
consumers fill at least 184 million prescriptions that they
otherwise may not have been able to afford. This is an over
135% increase in newly adherent prescriptions since 2021.
Beats the cost of an insurance copay 50% of the time for the
most commonly prescribed medications
- In the last year, approximately 50% of the 100 most
purchased prescriptions filled using GoodRx were cheaper than the
average commercial insurance stated copays, based on industry
data. When GoodRx users paid less than the average commercial
insurance copay for these most commonly purchased medications, they
saved an average of about 50%.
- Last year, GoodRx users on average paid less than the average
Medicare copay 8% of the time for the 100 most purchased
prescriptions during the initial coverage phase, with average
savings of 24% off the average Medicare initial coverage
copay.
Improved health outcomes that reduce the strain on the
healthcare system
- GoodRx estimates that by preventing more than 927,000 emergency
room visits and hospitalizations, it has helped save the
healthcare system more than $5 billion since 2012. This
translates to at least $145 million in out-of-pocket savings for
GoodRx users.
- Since 2012, GoodRx has directly contributed to the
prevention of at least 590,000 emergency room visits and 336,000
hospitalizations for COPD, depression, diabetes, and major
adverse cardiovascular events like heart attack and stroke.
Freeing up funds for basic necessities that enhance
well-being
- For the 200 most-filled medications in the U.S., the average
GoodRx user saves about $72 per prescription when averaging the
estimated savings for users who would have paid cash and users who
would have paid commercial insurance copays. These savings can be
put towards things like nutrition, housing, and education.
“The GoodRx Effect is a reminder that by focusing on one of the
most foundational challenges in healthcare - access to affordable
medications - we are helping create much-needed change within the
healthcare system at large,” said Doug Hirsch, co-founder and Chief
Mission Officer of GoodRx. “We’ve increased our impact
exponentially in just two years, and I look forward to the
continued momentum as we roll out new programs and ways for users
to save on their medications in the years ahead.”
From improving health outcomes to reducing strain on the
healthcare system, the GoodRx Effect extends well beyond users’
wallets. By arming people with the ability to price shop and save
on their medications, GoodRx helps people take more control over
their health.
View the full GoodRx Effect white paper to learn more.
About GoodRx
GoodRx is the leading destination for prescription savings. We
offer consumers free access to transparent and lower prices for
generic and brand medications, as well as comprehensive healthcare
research and information. We also equip healthcare providers with
efficient ways to find and prescribe affordable medications. Since
2011, GoodRx has helped consumers save more than $65 billion and is
one of the most downloaded medical apps over the past decade.
GoodRx periodically posts information that may be important to
investors on its investor relations website at
https://investors.goodrx.com. We intend to use our website as a
means of disclosing material nonpublic information and for
complying with our disclosure obligations under Regulation FD.
Accordingly, investors and potential investors are encouraged to
consult GoodRx’s website regularly for important information, in
addition to following GoodRx’s press releases, filings with the
Securities and Exchange Commission (the “SEC”) and public
conference calls and webcasts. The information contained on, or
that may be accessed through, GoodRx’s website is not incorporated
by reference into, and is not a part of, this press release.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements regarding consumer savings; the benefits of our
offerings to consumers, the U.S. healthcare system and GoodRx; and
GoodRx’s plans, expectations and objectives. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including,
but not limited to, risks relating to our ability to achieve broad
market education and change consumer purchasing habits, changes in
medication pricing and pricing structures, our reliance on a
limited number of industry participants, the competitive nature of
our industry, risks related to government regulation of the
internet, e-commerce, consumer data and privacy, information
technology and cyber-security and the important factors discussed
in the section entitled “Risk Factors” in GoodRx’s Annual Report on
Form 10-K for the year ended December 31, 2022, as updated by our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2023, and our other filings with the Securities and Exchange
Commission. These factors could cause actual results to differ
materially from those indicated by the forward-looking statements
made in this press release. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
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version on businesswire.com: https://www.businesswire.com/news/home/20240111005502/en/
Lauren Casparis press@goodrx.com
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