Divya shares highlights from GoodRx’s new research report: The GoodRx Effect: How GoodRx Improves the Economics of Healthcare. She highlights how GoodRx’s integrated pharma copay cards help to improve medication access, therapy adherence, and overall health outcomes.
Click here to download the full report and learn more about partnering with GoodRx to drive patient access for your brand.
Read on for Divya’s insights.
New Report: How GoodRx Improves the Economics of Healthcare
By Divya Iyer, SVP, Go-to-Market Strategy, GoodRx
In 2021, GoodRx published its first report on ‘The GoodRx Effect.’ It outlined the ways in which GoodRx had improved social welfare by helping people access affordable medications.
Last month, GoodRx announced its new review of health data and trends by Amanda Nguyen, et al., The GoodRx Effect: How GoodRx Is Changing the Economics of Healthcare, that is available for download. The second edition of “The GoodRx Effect” is full of new insights that have broad implications for anyone who touches the U.S. healthcare system, which is all of us.
AFFORDABLE HEALTHCARE STILL ELUDES MANY AMERICANS
Since 2021, legislators and industry leaders have recognized the need for change in the prescription medication space. Policies like the Inflation Reduction Act (IRA) and the Hospital Price Transparency Rule aimed to make prices easier to understand and reduce out-of-pocket (OOP) costs. But these initiatives have faced challenges in making a meaningful impact on OOP costs, and affordable healthcare is still out of reach for many people.
Since 2011, GoodRx has worked to reduce high healthcare costs. To date, the company has helped consumers save over $65B on brand-name and generic prescription medications, relative to pharmacies’ usual and customary (or retail) prices. We have been able to accomplish this through relationships with healthcare providers (HCPs), pharmacies, pharmacy benefit managers, and pharma manufacturers.
Download the full report.
Through partnerships with pharma manufacturers, GoodRx also helps connect users to the lowest available price for their brand medications. We integrate pharma savings programs into our ecosystem and offer additional discounts for GoodRx users, at no additional cost. For example, through our integrated copay cards, GoodRx can help people treating diabetes save 88% on average off the average commercial insurance copay for brand diabetes medications (Figure 1).
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Figure 1: Maximum GoodRx Savings Off Insurance Copay With
Integrated Copay Card (Diabetes Medications, 2023)
Integrated Copay Card (Diabetes Medications, 2023)
However, GoodRx’s impact goes beyond consumers’ pocketbooks. By saving people money, GoodRx also benefits people’s health, helping patients stick to their medication regimens and achieve better health outcomes. In essence, GoodRx is building a bridge to healthcare for its users, by making it more efficient, easier to use, and easier to understand.
NEW STUDY SHOWS GOODRX IMPACTS SIX KEY AREAS
In The GoodRx Effect: How GoodRx Is Changing the Economics of Healthcare, our analyses show positive changes in six important areas in which GoodRx:
- Helps Americans, with or without insurance, save on their generic and brand prescription medications
- Improves medication adherence
- Improves health outcomes
- Helps free up funds for other necessities
- Improves efficiency in the healthcare system
- Makes healthcare easier to use and understand.
Let’s take a look at an area of great interest to pharma manufacturers: patient adherence.
Our analysis suggests that in the last year, 41% of prescriptions filled using a GoodRx coupon were newly adherent, meaning they would not have been filled without GoodRx. And, in a survey of people who used GoodRx to save on their brand medications, researchers found that 61.1% would have had to skip or delay filling their prescription without GoodRx (Figure 2). Since the founding of GoodRx, we estimate GoodRx has helped our users fill at least 184M prescriptions that they otherwise would not have been able to afford.
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Figure 2: The GoodRx Effect on Patient Out-of-Pocket Costs and Medication Adherence
Brand drugs generally have higher retail prices and insurance copays. So cost is often a real barrier to medication adherence for patients who are prescribed a branded medication. With higher OOP costs and more restrictions on insurance coverage, many patients may not be able to afford the treatment recommended by their HCP (Figure 3). As a result, they may ration their doses, delay refills, switch to a less effective medication, or discontinue treatment altogether. In other words, 61.1% of patients using pharma company copay programs would have been non-adherent to their brand medications if not for GoodRx.
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Figure 3: GoodRx Integrated Manufacturer Savings Help Users Afford Their Prescription Brand Medications
GoodRx has expanded savings on brand drugs by working with pharma manufacturers to integrate brand-drug savings programs into our platform, including copay cards and cash discounts. Our platform makes it easier for patients to access manufacturer savings for many brand medications in one place, and enables pharma manufacturers to efficiently reach eligible patients at scale.
While these highlights begin to tell the story of what we learned through our research, I encourage you to download and read the full complimentary report to better understand the range of needs of HCPs and consumers as they grapple with the continuous changes rocking our healthcare system, particularly the health economic factors that spill over into other important aspects of their daily lives.
Click here to download The GoodRx Effect: How GoodRx Improves the Economics of Healthcare and learn how your customers are impacted by affordability challenges.
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