Consumers have paid $21 billion out-of-pocket on prescription medications in 2024, an average of $16.26 per prescription
Today, GoodRx (Nasdaq: GDRX), the leading prescription savings platform in the U.S., debuted its new Prescription Cost Tracker where it will monitor out-of-pocket prescription spending trends in the U.S. to help Americans better understand prescription affordability and price transparency. Helping Americans get the healthcare they need starts with tackling the barriers of costs and coverage, and there are three key factors driving the financial burden for prescriptions: high medication costs, reduced insurance coverage and increased friction. The Prescription Cost Tracker, which will be regularly updated to reflect the latest available data, helps examine these factors and illustrate why 51 million Americans leave prescription medications unfilled every month and many more face high costs at the counter.
High Medication Costs:
Policymakers and pharmaceutical manufacturers are making efforts to improve medication access and affordability, but costs continue to be a significant burden for many. GoodRx found:
- $21 billion has been spent out-of-pocket on prescriptions so far in 2024
- $16.26 average out-of-pocket spent per prescription
- 37% increase in list price for all prescription medications since 2014
Reduced Insurance Coverage:
Healthcare is often paid for by insurance, but more Americans are caught in a “Big Pinch” as insurance plans — both Medicare and commercial — cover fewer medications and add more restrictions on coverage:
- 54% of medications are covered by insurance (based on Medicare plans)
- 50% of medications that are covered by Medicare have an insurance restriction (e.g. step therapy, prior authorization)
- 25% of Americans have at least one prescription not covered by insurance
Increased Friction:
Difficulty navigating insurance hurdles and supply shortages have created more and more obstacles for patients. GoodRx found:
- 41 million Americans lack proper access to a pharmacy
- 51 million Americans leave a prescription at the pharmacy every month
- 20% of Americans have an out-of-stock prescription
“Despite efforts by policymakers and industry leaders to break down affordability and accessibility barriers, a patient’s actual out-of-pocket cost continues to increase and is often a huge surprise to them,” said Scott Wagner, Interim CEO of GoodRx. “We at GoodRx are working to bring affordability and transparency to Americans. With our new Prescription Cost Tracker, we aim to provide an easy-to-understand, continuously updated resource that will help aid in the fight for lower costs for all.”
To learn more and view the GoodRx Prescription Cost Tracker, visit goodrx.com/out-of-pocket-costs.
About GoodRx
GoodRx is the leading prescription savings platform in the U.S. Trusted by more than 25 million consumers and 750,000 healthcare professionals annually, GoodRx provides access to savings and affordability options for generic and brand-name medications at more than 70,000 pharmacies nationwide, as well as comprehensive healthcare research and information. Since 2011, GoodRx has helped consumers save nearly $75 billion on the cost of their prescriptions.
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.
Forward-Looking Statements
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 the benefits of Prescription Cost Tracker and our other offerings to GoodRx, healthcare stakeholders and/or consumers; future updates to Prescription Cost Tracker; and our plans, expectations and objectives. 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; the calculation of certain metrics that are subject to inherent challenges in measurement; government regulation of the internet, e-commerce, consumer data and privacy, information technology and cyber-security; and the important factors discussed under the caption “Risk Factors” in GoodRx’s Annual Report on Form 10-K for the year ended December 31, 2023, and our other filings with the SEC. 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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