Harrow Launches Access and Affordability Program with Price Reductions for Branded Products
Harrow (HROW) announced a new initiative to improve access and affordability of its ophthalmic pharmaceutical products through two main strategies. First, the company is implementing price reductions for several products, starting with VIGAMOX® and MAXIDEX®. Second, Harrow established a partnership with GoodRx to provide discounted pricing for seven products including FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX®, and ZERVIATE® through GoodRx's platform, particularly benefiting uninsured and underinsured patients.
Harrow (HROW) ha annunciato una nuova iniziativa per migliorare l'accesso e l'affordabilità dei suoi prodotti farmaceutici oftalmici attraverso due strategie principali. In primo luogo, l'azienda sta attuando riduzioni di prezzo per diversi prodotti, a partire da VIGAMOX® e MAXIDEX®. In secondo luogo, Harrow ha stabilito una partnership con GoodRx per fornire prezzi scontati per sette prodotti, tra cui FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX® e ZERVIATE®, tramite la piattaforma di GoodRx, beneficiando in particolare i pazienti non assicurati e sottoassicurati.
Harrow (HROW) anunció una nueva iniciativa para mejorar el acceso y la asequibilidad de sus productos farmacéuticos oftálmicos a través de dos estrategias principales. Primero, la compañía está implementando reducciones de precios para varios productos, comenzando con VIGAMOX® y MAXIDEX®. Segundo, Harrow estableció una asociación con GoodRx para ofrecer precios con descuento para siete productos, incluidos FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX® y ZERVIATE®, a través de la plataforma de GoodRx, beneficiando especialmente a los pacientes no asegurados y subasegurados.
Harrow (HROW)는 두 가지 주요 전략을 통해 자사의 안과 제약 제품에 대한 접근성과 가격을 개선하기 위한 새로운 이니셔티브를 발표했습니다. 첫째, 회사는 VIGAMOX®와 MAXIDEX®부터 시작하여 여러 제품에 대해 가격 인하를 시행하고 있습니다. 둘째, Harrow는 GoodRx와 파트너십을 맺어 FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX® 및 ZERVIATE®를 포함한 7개 제품에 대한 할인 가격을 GoodRx 플랫폼을 통해 제공하고 있으며, 특히 보험이 없는 환자와 보험이 부족한 환자에게 혜택을 주고 있습니다.
Harrow (HROW) a annoncé une nouvelle initiative visant à améliorer l'accès et l'accessibilité de ses produits pharmaceutiques ophtalmiques à travers deux stratégies principales. Premièrement, la société met en œuvre des baisses de prix pour plusieurs produits, en commençant par VIGAMOX® et MAXIDEX®. Deuxièmement, Harrow a établi un partenariat avec GoodRx pour offrir des prix réduits pour sept produits, dont FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX® et ZERVIATE®, via la plateforme de GoodRx, ce qui bénéficie particulièrement aux patients non assurés et sous-assurés.
Harrow (HROW) hat eine neue Initiative angekündigt, um den Zugang zu und die Erschwinglichkeit seiner ophthalmologischen Pharmazeutika durch zwei Hauptstrategien zu verbessern. Erstens implementiert das Unternehmen Preisreduzierungen für mehrere Produkte, beginnend mit VIGAMOX® und MAXIDEX®. Zweitens hat Harrow eine Partnerschaft mit GoodRx etabliert, um über die Plattform von GoodRx reduzierte Preise für sieben Produkte, einschließlich FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX® und ZERVIATE®, anzubieten, was insbesondere unversicherten und unterversicherten Patienten zugutekommt.
- Implementation of price reductions for key products VIGAMOX® and MAXIDEX®
- Strategic partnership with GoodRx expanding market access for seven products
- Potential for increased sales volume through improved product accessibility
- Price reductions may impact profit margins
- Discounted pricing through GoodRx could affect revenue per unit
Insights
This strategic pricing initiative marks a significant shift in Harrow's market positioning, targeting both revenue growth and market share expansion. The partnership with GoodRx, which serves over 20 million monthly users, creates a powerful distribution channel for reaching price-sensitive consumers, particularly beneficial for the 7 key products included in the program.
The price reduction strategy for VIGAMOX® and MAXIDEX®, with more products under review, indicates a volume-over-margin approach. While this may initially impact per-unit profitability, the increased accessibility could drive higher prescription volumes and market penetration, especially among the growing population of underinsured patients. The move also positions Harrow more competitively against generic alternatives, potentially capturing market share from cost-conscious consumers who previously opted for lower-cost alternatives.
This initiative represents a calculated strategic pivot that could significantly impact Harrow's financial performance. By reducing prices and partnering with GoodRx, the company is positioning itself to capture a larger share of the $16 billion U.S. ophthalmic pharmaceutical market. The focus on cash-pay alternatives through GoodRx could improve cash flow predictability and reduce dependency on insurance reimbursements.
While there may be initial margin compression, the potential for increased volume and market share expansion could drive long-term revenue growth. The strategy also helps hedge against future generic competition by establishing stronger market presence and brand loyalty. The move demonstrates proactive management of pricing pressures while potentially creating sustainable competitive advantages.
New Partnership with GoodRx to Lower Costs for Uninsured and Underinsured Patients
A core component of Harrow’s Access and Affordability Program is reducing the prices of several widely used eyecare products, addressing cost barriers that too often limit patient access. Harrow’s program began this week with price reductions for VIGAMOX® and MAXIDEX®, with the analysis of additional products underway. By lowering these costs, Harrow aims to improve patient access to high-quality eyecare products, ultimately enhancing patient outcomes and overall quality of life.
In addition, Harrow has partnered with GoodRx to provide a cash-pay alternative for the purchase of select Harrow products, including FLAREX®, ILEVRO®, MAXIDEX®, TOBRADEX® ST, VEVYE®, VIGAMOX®, and ZERVIATE®. This alternative to traditional insurance offers patients discounted pricing through the GoodRx platform. By leveraging GoodRx’s reach, Harrow is meeting the needs of those who may not have adequate insurance coverage for the eyecare medications they need.
“Our company was founded on a mission to help patients manage and preserve their sight by providing access to innovative and affordable medicines, and these initiatives are a significant step in advancing that mission,” said Mark L. Baum, Chairman and Chief Executive Officer of Harrow. “Patients often tell us that insurance co-payments can make their medications cost-prohibitive. By reducing prices and providing new access points, we’re creating a win-win: helping patients access critical sight-saving treatments while simultaneously delivering improved value to Harrow’s shareholders.”
How to Access Discounts on Harrow Products Through GoodRx
Patients can search for participating pharmacies and access discounts directly through the GoodRx website or mobile app, providing a streamlined experience for obtaining their prescriptions.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading eyecare pharmaceutical company engaged in the discovery, development, and commercialization of innovative ophthalmic pharmaceutical products for the North American market. Harrow helps eyecare professionals preserve the gift of sight by making its portfolio of prescription and non-prescription pharmaceutical products accessible and affordable to millions of patients each year.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113864368/en/
Investors
Jamie Webb
Director of Communications and Investor Relations
jwebb@harrowinc.com
Media
Deb Holliday
Holliday Communications, Inc.
deb@hollidaycommunications.net
Source: Harrow, Inc.
FAQ
What products are included in Harrow's (HROW) GoodRx partnership?
Which Harrow (HROW) products received price reductions in 2024?