Medicine Cabinet enables consumers to keep track of their medications, find the lowest prices, and earn rewards for staying on track
SANTA MONICA, Calif.--(BUSINESS WIRE)--Jul. 27, 2023--
GoodRx (NASDAQ: GDRX), a leading resource for healthcare savings and information, today announced Medicine Cabinet, a comprehensive solution designed to help consumers seamlessly manage their medications. Medicine Cabinet gives people easy-to-use tools to keep track of their prescriptions, get refill and daily pill reminders, find low prices, and earn rewards for staying on track. By making prescription management easier, smarter and more relevant, Medicine Cabinet will better enable consumers to stay adherent to their treatment plans and manage their overall healthcare costs.
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Medication adherence is key to improving health outcomes, managing chronic conditions, and decreasing spend in the healthcare system. An estimated 50% of all American adults struggle to take their medications as prescribed, and lack of affordability is a contributing reason why 20-30% of prescriptions are never filled. Adherence becomes even more challenging when patients have multiple prescriptions. Medicine Cabinet is designed with these consumers in mind, allowing them to seamlessly manage prescriptions across the entire patient journey – at the doctor’s office, at the pharmacy, and at home. It combines GoodRx prescription discounts with a set of personalized tools that are designed to keep consumers more engaged in their own care.
In fact, early data shows that GoodRx users who engage with Medicine Cabinet are almost four times as likely to claim prescriptions at the pharmacy than non-registered users. Furthermore, these users are managing more prescriptions within the GoodRx app, leading to more than 40% more prescriptions filled than non-registered users in the first six months after first filling a medication. These early data points showcase the value of Medicine Cabinet in helping GoodRx users adhere to and manage more of their medications.
“It’s no secret that an important part of staying healthy is sticking to your prescribed treatment plan, but that’s often easier said than done. Tracking a variety of medicines and remembering when to take them is a real challenge. But for many Americans, it gets even harder juggling refills, navigating multiple pharmacies and managing costs,” said Mark Hull, Chief Product Officer of GoodRx. “With Medicine Cabinet, we are addressing these hurdles by making medication management easier and giving consumers more control over their prices, leveraging much of the prescription history consumers already have on GoodRx. While other solutions focus solely on alerts, with GoodRx’s Medicine Cabinet, you can actually save more money just by adhering to your medications.”
New features available in Medicine Cabinet include:
Action Center: Keeping track of the different actions you need to take across all of your prescriptions can be overwhelming. The Action Center keeps it simple by highlighting important things you need to do to stay on top of your medications.
Best Pharmacy Recommendations: Finding the pharmacy that offers the best prices for all of your medications can be tricky. Now, we do the work for you and analyze your entire list of prescriptions to identify the pharmacy offering the lowest overall price on GoodRx so you can maximize your savings.
Daily Medication & Refill Reminders: Remembering to take medications on time and keeping track of refills can be challenging. Our new Reminders feature can help ensure that you'll never miss a dose or a refill. You can set reminders for the time of day when the medication should actually be taken.
Prescriptions Dashboard: Find all of your medications in one place without all the work. Prescriptions filled using GoodRx will automatically populate in the Medicine Cabinet, saving time and the work of entering information manually. You will be able to see the prescription number, physician contact info, date of next refill, and even the correct pill image so you can identify it at home. In addition, you can add prescriptions filled outside of GoodRx, so you have everything in one place.
Rewards Program: Earn GoodRx Rewards points every time you use an eligible GoodRx coupon or pick up your refills on time, and redeem them for discounts on your prescriptions or digital gift cards from hundreds of retailers. You save when you stay healthy.
Medicine Cabinet demonstrates GoodRx’s steadfast commitment to promoting access and affordability by making the healthcare system easier to navigate. As a unique solution that marries prescription information with discounts, interactive features, and rewards, Medicine Cabinet encourages consumers to be more engaged in their own care.
Medicine Cabinet is available today on iOS and coming soon to Android.
GoodRx is a leading resource for healthcare savings and information that makes healthcare affordable and convenient for all Americans. We offer consumers free access to transparent and lower prices for brand and generic medications, affordable and convenient medical provider consultations via telehealth, and comprehensive healthcare research and information. Since 2011, we have helped consumers save over $55 billion and are one of the most downloaded medical apps over the past decade.
GoodRx periodically posts information that may be important to investors on its investor relations website at https://investors.goodrx.com. We intend to use our website as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors and potential investors are encouraged to consult GoodRx’s website regularly for important information, in addition to following GoodRx’s press releases, filings with the Securities and Exchange Commission (the “SEC”) and public conference calls and webcasts. The information contained on, or that may be accessed through, GoodRx’s website is not incorporated by reference into, and is not a part of, this press release.
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 consumer savings, the benefits of Medicine Cabinet, its features and our other offerings to GoodRx and/or consumers, and the future growth and development of GoodRx solutions. 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 our ability to achieve broad market education and change consumer purchasing habits, changes in medication pricing and pricing structures, our reliance on a limited number of industry participants, the competitive nature of our industry, risks related to government regulation of the internet, e-commerce, consumer data and privacy, information technology and cyber-security, and the important factors discussed in the sections entitled “Risk Factors” in GoodRx’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and our other filings with the Securities and Exchange Commission. 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.
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