CED Member myDrugCosts announced another major partnership deal last week, this time with Rx ‘n Go, a US-based alternative pharmacy network. Back in August, myDrugCosts announced a partnership with the State Employees Association of North Carolina (SEANC).
“Rising prescription drug costs are a significant issue for all of our employer groups and their members. The mobile service is an innovative solution that provides members with fast and easy to use information about their generic prescription drug options,” said Rob Gilmore, Rx ‘n Go's co-president and owner, in a statement last week. “The service is very easy to access before, during, or after a doctor’s appointment”.
Using their smartphone or any Internet browser, registered users will be able:
- Search for their prescription medication needs for nearly 1,200 generic medications.
- Identify potential generic alternatives available.
“We are pleased Rx ‘n Go has chosen myDrugCosts as their mobile platform,” said Dr. Dan Pollard, CEO of myDrugCosts, in a statement. “Our tools and technology allowed for the rapid development and deployment of a customized solution for Rx ‘n Go and their employer group customers.
The CED team caught up with Pollard early this week to get his take on this news and an update on myDrugCosts, a FastTrac TechVenture Alumni and current CED Venture Mentoring Service company. Read our interview below:
CED Team: You recently won first place at Health Datapalooza in DC. What does winning this award mean to you and for your company?
Pollard: We were honored to win this award on a national stage from a field of over 200 applicants. This award highlights the innovation of the myDrugCosts solution and the broad appeal of using transparency to improve healthcare purchasing decisions and lower costs.
CED Team: This is two major partnership announcements in a few months. What comes next? To what do you attribute the success of these partnership deals?
Pollard: We see a growing demand for prescription drug cost information. Organizations are looking for ways to help their employees and members navigate the increasingly consumer driven healthcare market. At the same time, companies and individuals are looking for ways to lower their healthcare expenses. We continue to add new partners and will announce them as they are finalized.
CED Team: Have you made any modifications or changes to the product lately? How does a user utilize the service, currently?
Pollard: Yes - we have recently updated myDrugCosts to include additional ways to save. Users are now able to see actionable discount prices at local pharmacies. This is great savings option for people on high deductible plans, when certain drugs are not covered by insurance or for part time employees without prescription drug coverage. myDrugCosts is available to anyone at www.mydrugcosts.com.
CED Team: How much does the average person spend on prescription drugs? What do your users report as savings?
Pollard: The average family of 4 with insurance spends $1,250 a year on prescription drugs with the majority out-of-pocket. Employers spend an addition $1,375 for the same family. In an evaluation we did at one of our customers, 42% of myDrugCosts users reported saving money on their prescription drugs. I received a call from one of the users who saved almost $300 a year. She said "This comes down to putting gas in my car, food on my table or purchasing medications."
CED Team: What effect does Obamacare have on your business?
Pollard: The one constant in any healthcare change or overhaul is the fact that an exorbitant amount of money is unnecessarily wasted everyday. Cost has got to come out of the system and we feel that the catalyst for this is supplying consumers with the right information at the right time. Americans are great consumers and it’s because they have access to relevant information. Healthcare should be no different yet prices remain a mystery to many. We are removing this obstacle and making it easier for people to consider their options before making a purchase.