As Big Pharma Continues to Hike Prices, Health Karma, Subsidiary of MediXall Group, Reduces Cost of Prescription Medications

Rhea-AI Summary

MediXall Group, Inc. (OTCQB:MDXL) announced that its subsidiary, Health Karma, is reducing prescription medication costs amid rising prices from Big Pharma. Health KarmaRx offers discounts to consumers through its online platform, targeting those underinsured or uninsured. Reports reveal 245 drugs saw price hikes in early 2020, with potential increases from major pharmaceutical companies in 2021. Users of Health KarmaRx reported savings averaging 60%, with some achieving over 80%. The service allows consumers to compare medication prices across 65,000 pharmacies nationwide.

Positive

• Health KarmaRx offers significant savings, averaging 60% and up to 80% for consumers on prescription medications.
• The platform allows users to compare prices at over 65,000 pharmacies, improving cost-effectiveness.
• MediXall is positioning Health Karma as a leader in healthcare cost-cutting solutions amid rising prescription prices.

Negative

• The absence of proposed cuts to prescription drug prices in President Biden's American Families Plan highlights ongoing challenges in healthcare reform.
• Increased healthcare costs may impact the company's ability to attract a broader customer base despite current offerings.

PRESIDENT BIDEN'S AMERICAN FAMILIES PLAN UNVEILED LAST WEDNESDAY DOES NOT INCLUDE PROPOSAL TO CUT PRESRIPTION DRUG PRICES

FORT LAUDERDALE, FL / ACCESSWIRE / May 5, 2021 / MediXall Group, Inc. (OTCQB:MDXL) reported today that its subsidiary, Health Karma, is reducing the cost of prescription medications by delivering RX discounts to consumers through the Health Karma online platform. This comes at a critical time as Big Pharma continues to increase medication prices even as individuals are struggling through a pandemic and economic crisis.

According to a report by Patients for Affordable Drugs, 245 prescription drugs increased in price between January and June of 2020 in the thick of the pandemic with more than 75% of those drugs being used as a treatment for COVID-19. Healthcare research reports by 3 Axis Advisors and announcements from drug makers including Pfizer, Inc, Sanofi SA and GlaxoSmithKline Plc, shows plans for potential drug price hikes by as much as 10 percent in 2021. Estimates of over 700 drugs from multiple manufacturers showed varying price increases in January forcing consumes to choose between paying for their medication and other basic needs.

MediXall Group has positioned its subsidiary, Health Karma, as a leader in providing essential healthcare cost cutting solutions. Through Health KarmaRx, consumers have the ability to find the lowest price for their medications at more than 65,000 pharmacies nationwide. The Health KarmaRx program benefits underinsured consumers that have gaps in prescription coverage, high co-pays, and/or high deductibles as well as the uninsured. Based on results from the 2020 program, users saw an average prescription drug savings of 60% and in some cases as much as 80% or more.

"We recognize that healthcare reform and specifically prescription drug pricing is a challenging issue that both Democrats and Republicans want to solve. President Biden's American Families Plan unveiled last Wednesday did not include a proposal to cut prescription drug prices like some had hoped. The problem is time; consumers need help now and given the political landscape our nation's government simply cannot move fast enough. You should not have to choose between feeding your family and buying your medicine. Thanks to our Health Karma team, consumers can take advantage of significant savings on their medications at a time when they need it most. That is real progress," stated Neil Swartz, CEO of MediXall Group, Inc.

Health KarmaRx makes it easy for consumers to search and compare prescription drug prices, which can differ greatly between competing pharmacies, and receive immediate savings using Health KarmaRx Coupons at the register on both generic and brand prescription medications. Consumers simply enter the name of their prescription drug and their zip code at https://app.healthkarma.org/rx and Health Karma will immediately display a list and a map of prices for both the brand name and generic versions of the drug from local pharmacies. The system provides users with the ability to compare different medication prices to fill their prescriptions more cost-effectively. Health KarmaRx Coupons are accepted nationwide at more than 65,000 participating pharmacies, including Walgreens, CVS, Target, Walmart, and other national chains as well as regional and local drug stores

About MediXall Group, Inc.
MediXall Group, Inc. (OTCQB: MDXL) is a technology and innovation-driven organization purposefully designed and structured around delivering products and services to make it easier for consumers to learn, decide and pay for healthcare. The mission of MediXall Group is to revolutionize the healthcare industry by improving communication; providing better technology and support services; and enabling more efficient, cost-effective healthcare for the consumer. By approaching the entire healthcare ecosystem, MediXall creates, invests and incubates companies that embody its mission statement.

About Health Karma, Inc.

Health Karma, a wholly owned subsidiary of MediXall Group, is a data-driven healthcare technology company that is on a mission to continually raise the bar of the healthcare experience by empowering people to understand and manage their entire health care journey anywhere, anytime, whether they have insurance or not. For more information, please visit www.gethealthkarma.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. Specifically, the company's ability to raise additional capital, execute its business plan and strategy, sustain or increase gross margins, achieve profitability and build shareholder value are forward-looking statements. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MediXall Group Contact:
Frank Dickerson
Tel: (954) 908-3481
Email: ir@medixall.com
Twitter: https://twitter.com/MediXallGroup

SOURCE: MediXall Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/644675/As-Big-Pharma-Continues-to-Hike-Prices-Health-Karma-Subsidiary-of-MediXall-Group-Reduces-Cost-of-Prescription-Medications

FAQ

What does MediXall Group, Inc. (MDXL) do to help with prescription drug costs?

MediXall's subsidiary, Health Karma, reduces costs by providing RX discounts through its online platform, helping consumers save on medications.

How much can consumers save using Health KarmaRx?

Consumers can save an average of 60% on prescription drugs, with some achieving savings of 80% or more.

How many pharmacies are included in Health KarmaRx's network?

Health KarmaRx partners with over 65,000 pharmacies nationwide, allowing consumers to compare prices effectively.

What issues were highlighted regarding prescription drug prices in the press release?

The press release noted that 245 drugs increased in price during the pandemic, with potential hikes of up to 10% planned by major pharmaceutical companies.

What does the absence of drug price cuts in Biden's plan mean for MediXall Group?

The lack of proposed price cuts in the American Families Plan could challenge MediXall's efforts to assist consumers facing rising drug costs.