This Service Will Save You $$$ On Prescriptions In The Future
Read on to find out how consumers may be able to save more money on prescription medications than ever before! This article is broken down into 4 parts. Let's start with the interviews.
Part 1 - Interviews:
Male, 56
How many prescription medications are you on?
I have two prescription medications that I take daily.
What is your monthly out-of-pocket expense for these?
About fifty dollars.
Would you use a service that collects important information about your prescription pills and compares prices
side-by-side for you to find the best deal?
Yes, that sounds like a great idea! Does that exist?
Would you use a service that collects important information about your prescription pills and compares prices
side-by-side for you to find the best deal?
Yes, that sounds like a great idea! Does that exist?
Would you share what you found with your doctor?
Yes, so I could get the prescription for the less expensive medicine which essentially would be the same thing
under a different manufacturer, right? Yes, definitely.
Yes, so I could get the prescription for the less expensive medicine which essentially would be the same thing
under a different manufacturer, right? Yes, definitely.
How much would you be willing to pay to utilize this service?
Less than what I am paying now for my prescriptions. I’d be willing to pay an annual fee of 25 to 50 dollars.
Less than what I am paying now for my prescriptions. I’d be willing to pay an annual fee of 25 to 50 dollars.
How do you think this would affect the prices of your medications in the future?
They would be lower because I would be able to find the lowest price for the medication I need. This would
make the industry more competitive and drive costs down.
They would be lower because I would be able to find the lowest price for the medication I need. This would
make the industry more competitive and drive costs down.
Female, 64
How many prescription medications are you on?
I am currently prescribed for four medications. It’s expensive!
What is your monthly out-of-pocket expense for these?
Oh my, I believe I spend more than 200 dollars a month on my pills. It’s ridiculous!
Would you use a service that collects important information about your prescription pills and compares prices
side-by-side for you to find the best deal?
Would you use a service that collects important information about your prescription pills and compares prices
side-by-side for you to find the best deal?
That sounds interesting. I would use it if it’s easy to understand and navigate. I am older and not as savvy with
technology as you are, I’m sure. If the information is clear and easy to read, yes I would consider using a service
to find cheaper pills.
technology as you are, I’m sure. If the information is clear and easy to read, yes I would consider using a service
to find cheaper pills.
Would you share what you found with your doctor?
Absolutely! I am the one paying for everything at the end of the day! I think she would want me to find the best
deal as well. She is a good person.
deal as well. She is a good person.
How much would you be willing to pay to utilize this service?
I would pay anywhere between 50 and 100 dollars to save money in the long run. And I have a lot of medications
to account for, so I would be more inclined to use a service that doesn’t charge me based on the number of
medications I use. However, because of this, I would be willing to spend a bit more since I would have an
opportunity to save more.
to account for, so I would be more inclined to use a service that doesn’t charge me based on the number of
medications I use. However, because of this, I would be willing to spend a bit more since I would have an
opportunity to save more.
How do you think this would affect the prices of your medications in the future?
Well they would be cheaper if the service works! Hopefully I wouldn’t be spending 200 dollars a month!
Male, 24
How many prescription medications are you on?
One. I take something for my ankylosing spondylitis.
What is your monthly out-of-pocket expense for it?
I think 20 dollars and some change. Not too bad.
Would you use a service that collects important information about your prescription pills and compares prices side-
by-side for you to find the best deal?
by-side for you to find the best deal?
Maybe. Since I only have one prescription to pick up every month I don’t know how much I would benefit in the
scheme of things, but I am all for saving money. I would rather be able to find an insurance provider that covers the
entire cost.
scheme of things, but I am all for saving money. I would rather be able to find an insurance provider that covers the
entire cost.
Would you share what you found with your doctor?
Yes I would have to because he is the one who writes my prescription. If I didn’t feel comfortable telling him, I would
simply find another doctor and request the prescription at my next visit.
simply find another doctor and request the prescription at my next visit.
How much would you be willing to pay to utilize this service?
Five dollars a month. I only have one prescription. This service would be really cool for people with a lot of expensive
medications.
medications.
How do you think this would affect the prices of your medication in the future?
The price of my pills would go down, but I have to also account for the fee to use the comparable service. It would be
beneficial if the total cost including the service charge is less than what I spend annually on my pills.
beneficial if the total cost including the service charge is less than what I spend annually on my pills.
Female, 23
How many prescription medications are you on?
I am taking one prescription medication.
What is your monthly out-of-pocket expense for it?
Thirty dollars.
Would you use a service that collects important information about your prescription pills and compares prices side-
by-side for you to find the best deal?
by-side for you to find the best deal?
Oh yeah! I am always trying to save money wherever I can to reduce monthly expenses. I’m trying to save up for a
vacation this summer. I’m curious to know whether or not this service would be free.
vacation this summer. I’m curious to know whether or not this service would be free.
Would you share what you found with your doctor?
Absolutely! My doctor is genuinely concerned about my health and she would want me to save money if possible.
In fact, she has me on the generic brand right now because she told me it was the cheapest option available.
In fact, she has me on the generic brand right now because she told me it was the cheapest option available.
How much would you be willing to pay to utilize this service?
I would be willing to spend less than I am spending now for a period of time, to save money on my medication in
the long-run. Would I be eligible for any membership discounts? Are there any ways to waive the membership fee?
the long-run. Would I be eligible for any membership discounts? Are there any ways to waive the membership fee?
How do you think this would affect the prices of your medication in the future?
Hopefully I would be spending less on my pills, given this unique access to price information. I don’t see how this
service would negatively affect the industry. It would probably decrease prices altogether.
service would negatively affect the industry. It would probably decrease prices altogether.
Female, 35
How many prescription medications are you on?
Zero. I take a holistic approach to my health and use supplements to heal my ailments. Thankfully, this has worked
out for me.
out for me.
What is your monthly out-of-pocket expense for these supplements?
Well that’s a good question. I’m sure it’s less than having to pay for multiple prescriptions. I’d say everything costs
around 30 dollars or so a month.
around 30 dollars or so a month.
Would you use a service that collects important information about supplements and compares prices side-by-side
for you to find the best deal?
Oh yeah! Sign me up!
Would you share what you found with your doctor?
Hmm I don’t really know if it would be necessary to share this information. Yes, I would tell him about the supplements
I’m taking but I don’t think it’s necessary to tell him how much I spend on my supplements, unless he asks. I would tell
him if he’s curious and asks.
I’m taking but I don’t think it’s necessary to tell him how much I spend on my supplements, unless he asks. I would tell
him if he’s curious and asks.
How much would you be willing to pay to utilize this service?
As little as possible in order to make the savings worthwhile. I wouldn’t mind signing up if there was a modest, one-time
registration fee. The service would need to make money somehow. I’m sure gathering this information takes time and
isn’t easy. I’d be willing to pay for the convenience of the comparable software, yes. No more than 10 dollars a month
on a monthly plan, that could guarantee me 20 dollar savings.
registration fee. The service would need to make money somehow. I’m sure gathering this information takes time and
isn’t easy. I’d be willing to pay for the convenience of the comparable software, yes. No more than 10 dollars a month
on a monthly plan, that could guarantee me 20 dollar savings.
How do you think this would affect the prices of supplements in the future? What about medications?
This hopefully would make supplements cheaper in general, because more people would theoretically have access to
price information and choose the lowest cost option. Then, other manufacturers would follow suit and lower prices to
compete. The same thing would happen to medications, if prices were publicly available and easily accessible.
price information and choose the lowest cost option. Then, other manufacturers would follow suit and lower prices to
compete. The same thing would happen to medications, if prices were publicly available and easily accessible.
Part 2 - The Opportunity: Prescription drug users in the United States are unable to easily and efficiently find the best deals on
prescription medication because information about price and comparable manufacturers is hard to collect, report, and update
in a timely manner.
prescription medication because information about price and comparable manufacturers is hard to collect, report, and update
in a timely manner.
The who: prescription drug users
The what: they are unable to easily and efficiently compare prescription prices to find the best deal to notify their doctor
The why: information about price and manufacturers is difficult to gather and maintain in real time
Part 3 - Hypothesis: Prescription drug consumers (i.e. patients) would be able to find the best deals on prescription medication,
according to their insurance provider, by using a service that easily and efficiently compares medications based on price, contents,
and manufacturer information in real time.
according to their insurance provider, by using a service that easily and efficiently compares medications based on price, contents,
and manufacturer information in real time.
Testing the who
We know that the end users (patients) are the ones with this need, but doctors, physicians, and other prescribers could certainly
benefit from this type of service, assuming they find the best deals for their patients to foster better relationships. Everyone who
purchases prescription medications and pays out-of-pocket expenses shares this need for a comparative price database.
benefit from this type of service, assuming they find the best deals for their patients to foster better relationships. Everyone who
purchases prescription medications and pays out-of-pocket expenses shares this need for a comparative price database.
Testing the what
Users would have to register on the company’s website and pay a membership fee to access comparable data compiled by patented
software. Would manufacturers provide this data in a timely manner? Are there laws in place to ensure this? What else would be
compared besides price and is this important for consumers to know?
software. Would manufacturers provide this data in a timely manner? Are there laws in place to ensure this? What else would be
compared besides price and is this important for consumers to know?
Testing the why
Consumers of prescription medications deserve access to a database that compares vital information about the drugs they are
consuming because their healthy is on the line and their money deserves to be well-spent. Health care needs reformation and
consumers have a right to know how much their medications costs and what to say to their doctors to receive the best deals on
their pills. They already have to cope with whatever health problem they have that requires treatment, so why not give these
patients access to pertinent information to help alleviate the stress that comes with paying for treatment. Giving people access
to price and drug information will make the pharmaceutical industry more competitive ideally, which would greatly benefit our
society by pressuring manufacturers to develop safer and more effective products at more competitive and affordable prices.
consuming because their healthy is on the line and their money deserves to be well-spent. Health care needs reformation and
consumers have a right to know how much their medications costs and what to say to their doctors to receive the best deals on
their pills. They already have to cope with whatever health problem they have that requires treatment, so why not give these
patients access to pertinent information to help alleviate the stress that comes with paying for treatment. Giving people access
to price and drug information will make the pharmaceutical industry more competitive ideally, which would greatly benefit our
society by pressuring manufacturers to develop safer and more effective products at more competitive and affordable prices.
Part 4 - Summary
The interviewees were helpful in providing confirmation about the need for the service. A market does indeed exist for consumers of
prescription pills who want to find cheaper alternatives to their current monthly medication “subscription”. An interesting thing I learned
while interviewing was the opportunity to provide a price comparison service to supplement users. This service could even be expanded
to include vitamins as well. There are opportunities to be more broad in the market. However, it would be beneficial to start as targeted
as possible, and the niche of the consumer health industry that has the greatest potential to benefit from cost-savings in the prescription
medication market.
prescription pills who want to find cheaper alternatives to their current monthly medication “subscription”. An interesting thing I learned
while interviewing was the opportunity to provide a price comparison service to supplement users. This service could even be expanded
to include vitamins as well. There are opportunities to be more broad in the market. However, it would be beneficial to start as targeted
as possible, and the niche of the consumer health industry that has the greatest potential to benefit from cost-savings in the prescription
medication market.
This is a great idea, and not just for prescription medications, but for many other goods and services as well. Consumers love comparison shopping. The issue would, of course, be the likely resistance from pharmaceutical retailers. Also, if patients have drug coverage though their medical insurance or some other way, each one has different coverage, and it would be hard to take into account the many plans that are available. Many consumers care only about the bottom line to them, meaning how much their out-of-pocket cost was, as opposed to how much their insurance company paid, or how much the medication cost originally.
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