The GoodRx Effect: How GoodRx is Changing the Economics of Healthcare

Rhea-AI Summary

GoodRx (NASDAQ: GDRX) released a report detailing its positive impact on American healthcare, showcasing significant savings for patients. In 2020, GoodRx users saved an average of 79% on medications, equating to around $30 billion in total savings. The platform has improved medication adherence, contributing to the prevention of over 1,000 hospitalizations and saving nearly 500 lives. Additionally, over 20% of Americans reported struggling with basic necessities due to medication costs, highlighting the importance of GoodRx in alleviating financial burdens.

Positive

• Saved users an average of 79% on medication costs in 2020.
• Total savings of approximately $30 billion for users since inception.
• Improved medication adherence leading to better health outcomes.
• Prevented over 1,000 hospitalizations and saved nearly 500 lives.

Negative

• None.

GoodRx, Inc. (NASDAQ: GDRX), America’s leading resource for healthcare savings, just released a new report that discusses the effect the company has had on the American healthcare system by helping patients afford their medications.

The paper, The GoodRx Effect, discusses the ways in which GoodRx has improved social welfare by helping people access affordable healthcare:

1. Helped Americans, with or without insurance, save on their prescription medications: In 2020, GoodRx users saved an average of 79% off retail prices (also referred to as the usual and customary price or cash price). That same year, for the 100 most purchased medications, GoodRx users paid less than average commercial insurance copays 55% of the time and when GoodRx users paid less than average commercial insurance copays, they saved on average 52% off average commercial insurance copays. To date, we have helped Americans save approximately $30 billion on their prescription medications through the discounts found on the GoodRx platform, based on pharmacies’ usual and customary (or retail) prices.
2. Improved medication adherence: By lowering out-of-pocket medication costs, GoodRx has helped patients obtain at least 78 million prescriptions they otherwise may not have been able to afford.
3. Improved overall health outcomes: Better medication adherence thanks to GoodRx also means better health outcomes. For example, by helping patients with high cholesterol and heart disease afford their statin prescriptions, GoodRx has directly contributed to the prevention of over 1,000 avoidable hospitalizations and helped save nearly 500 lives.
4. Helped free up funds for other necessities: Over 20% of Americans have trouble paying for basic necessities like food or housing due to their medication costs, based on a 2020 survey. By reducing the burden of medication expenses, GoodRx helps people afford other essentials.

To learn more about The GoodRx Effect, you can view the white paper here.

About GoodRx

GoodRx helps Americans get the healthcare they need at a price they can afford. As America’s leading resource for healthcare savings, GoodRx connects consumers with affordable and convenient prescriptions and medical care, including telehealth, mail order prescriptions, doctor visits, and lab tests. We have helped Americans save over $30 billion since 2011 and are the #1 most downloaded medical app over the last three years.

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 GoodRx’s savings and impact on the healthcare ecosystem. 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 risks related to our limited operating history and early stage of growth; our ability to achieve broad market education and change consumer purchasing habits; our ability to continue to attract, acquire and retain consumers in a cost-effective manner; our reliance on our prescription offering and ability to expand our offerings; changes in medication pricing and pricing structures; and the important factors discussed under the caption “Risk Factors” in GoodRx’s Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the SEC. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210615006229/en/

FAQ

What is the significance of GoodRx's recent report?

GoodRx's report highlights its role in helping Americans save on medication costs, achieving an average savings of 79% in 2020.

How much have GoodRx users saved on prescriptions?

GoodRx users have saved approximately $30 billion on their prescription medications since the platform's inception.

What impact has GoodRx had on medication adherence?

GoodRx has improved medication adherence, allowing patients to afford at least 78 million prescriptions.

How has GoodRx contributed to healthcare outcomes?

GoodRx has helped prevent over 1,000 avoidable hospitalizations and saved nearly 500 lives through better access to medications.