GoodRx uses a multi-pronged approach to generate revenue, capitalizing on different aspects of the complex US prescription drug pricing system:
1. Partnerships with Pharmacy Benefit Managers (PBMs):
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GoodRx doesn't negotiate directly with pharmacies but works with PBMs, acting as intermediaries between patients and pharmacies.
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When a customer uses a GoodRx discount card at a pharmacy, the PBM gets a fee from the pharmacy.
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GoodRx then receives a share of this fee as a commission for directing the customer to the pharmacy.
2. Telehealth services:
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GoodRx offers various paid telehealth services, including consultations with doctors, COVID-19 testing, and general health screenings.
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These services generate revenue directly from the users who pay for them.
3. Affordable medical examinations:
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GoodRx partners with certain healthcare providers to offer discounted medical examinations, such as blood tests.
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This strategy serves as an add-on service to their core offerings and generates additional revenue.
4. GoodRx Gold (premium membership):
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GoodRx introduced GoodRx Gold, a paid monthly subscription service.
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Gold members receive additional benefits like lower prescription drug prices, free telehealth consultations, and pharmacy discounts on non-prescription items.
5. Future endeavors:
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GoodRx constantly explores new avenues for revenue generation, such as expanding telehealth services and potentially offering additional healthcare-related products and services.
In summary, GoodRx leverages:
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Partnerships with PBMs to benefit from existing drug pricing structures.
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Direct revenue streams from telehealth services and premium memberships.
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Strategic collaborations to offer additional value-added services.
This multi-faceted approach allows GoodRx to generate revenue while potentially improving access to affordable healthcare for their users within the current system.