Startups that Tackle High Drug Prices:
Blink puts prices of drugs online, allowing people to see the price of their prescription and compare it to the price being offered by their medical insurance plan or pharmacy. The company then lets people pay for their prescriptions online and pick them up at a local pharmacy. Blink negotiates directly with drug manufacturers, such as Eli Lilly and Roche, to offer discounted drug prices by grouping user purchases and appearing to be a large drug-purchasing organization. It is able to offer lower prices by bypassing middlemen in the prescription drug supply chain. In October 2018, Blink began offering home delivery for its prescription drug service.
Hoy Health offers two different products that aim to reduce generic drug prices and allow people to get the medications they need. The first product, HoyMEDS, is a discount prescription savings card that most pharmacies in the US and Puerto Rico accept. Users can go online to compare the prices of generic medications at different pharmacies where they live. HoyRX allows people in the US, Puerto Rico, Mexico, Honduras, El Salvador, and Guatemala to purchase vouchers online that they or their loved ones in these countries can use with a valid prescription to receive their medications. This service means that people can directly purchase their family members’ medicines, even if they live abroad, without having to pay high remittance fees.
RxRevu focuses on improving medication price transparency at the point of care. The startup’s SwiftRx product integrates with the EHR and provides prescribing physicians with cost, formulary, and benefits data for each patient they see. SwiftRx also makes it easy for physicians to see if a particular drug has lower-cost alternatives with a clinically equivalent therapeutic effect. With SwiftRx, doctors can make informed prescribing decisions with patients’ physical, mental, and financial well-being in mind.