GoodRx, widely recognized for its medication price comparison utility, has unveiled a complimentary service named ‘Medicine Cabinet.’ This tool is intended to facilitate the organization of prescription drugs for users of the GoodRx app. This development comes in the wake of the company’s collaboration with CVS Health to establish the Caremark Cost Saver, aimed at reducing pharmacy expenses for consumers.
The Medicine Cabinet will be seamlessly incorporated into the GoodRx app, equipped with features such as a ‘prescriptions dashboard’ that allows users to schedule refill reminders and identify pharmacies offering their medications at the most affordable rates. The core of the app consists of daily pill reminders that are adjustable to any treatment regimen input into the app. According to GoodRx’s Chief Product Officer, Mark Hull, the reminders are a substantial function as about half of Americans often fail to adhere to their medication due to simple factors like forgetfulness or expense.
The Medicine Cabinet also encompasses a dashboard for the GoodRx’s rewards program, which gives users incentives such as e-gift cards for consistent medication refills. Hull emphasized the lack of integrated reward systems for maintaining healthy habits.
“Our successful model combines discounts, value, and rewards with essential health habits and reminders,” Hull added. GoodRx asserts that it can help consumers save up to 80% on prescription drug prices through its partnerships with pharmacy benefits managers, negotiating deals on medications that would typically be inaccessible to the average consumer without intermediaries like GoodRx.
GoodRx’s Medicine Cabinet tool, which has been under development for about half a year, will be available on iOS, with the Android version yet to be released.
Hull credits the swift development of Medicine Cabinet to the substantial user and provider data GoodRx has gathered over the past decade. He stated that for a startup, the process would have taken considerably longer due to the absence of data, retailer relationships, and an existing customer base. GoodRx already has records of half a billion prescriptions from millions of people who have used the tool in the past 12 years.
Update, July 27th 2023, 9:39 AM ET: This story has been updated to clarify a quote by Hull on the number of prescriptions in records aggregated by GoodRx.
Frequently Asked Questions (FAQs) about GoodRx ‘Medicine Cabinet’
What is GoodRx’s new offering called?
GoodRx has unveiled a new service named ‘Medicine Cabinet’ which is a tool intended to facilitate the organization of prescription drugs for users of the GoodRx app.
Who is the chief product officer of GoodRx?
The Chief Product Officer of GoodRx is Mark Hull.
What are some of the key features of the Medicine Cabinet app?
The Medicine Cabinet app features a ‘prescriptions dashboard’ that allows users to schedule refill reminders and identify the most affordable pharmacies for their medications. It also includes daily pill reminders and a rewards program offering incentives like e-gift cards for consistent medication refills.
Has the Medicine Cabinet tool been developed for Android?
As of the current update, the Medicine Cabinet tool is only available for iOS and the Android version has not been released yet.
What data privacy issues has GoodRx faced?
Earlier in the year, GoodRx faced legal issues concerning data privacy. The company was fined by the Federal Trade Commission for the unauthorized disclosure of identifiable health information of customers with third parties, such as Facebook and Google.
How does GoodRx plan to ensure data privacy for Medicine Cabinet users?