GoodRx is focusing on building relationships with retail pharmacies and finding new ways to help them manage their pricing margins and growth targets.
The digital prescription platform is taking a proactive approach to strengthen its relationship with retail pharmacies like grocers and traditional drug store chains, and it is finding successes, GoodRx Interim CEO Scott Wagner said Wednesday (Aug. 9) during the company’s second-quarter 2023 earnings call.
GoodRx added one grocer pharmacy in the last quarter, and it plans to continue to do so throughout the second half of the year, as it is “finding retail pharmacies see incredible value in the GoodRx brand,” Wagner said.
“We’re in the process of working through these contracts retailer by retailer and plan to continue to do so throughout the second half of the year,” Wagner said during the call. “We believe that we’re creating the foundation for long-term growth for GoodRx that adds value to both retailers and [pharmacy benefit manager (PBM)] partners alike.”
Chief Operating Officer Raj Beri discussed a program that GoodRx is developing with CVS Caremark, saying the program will expand GoodRx’s prescription savings offer beyond cash pay and into the insured market, unlocking a new addressable market.
“What we’re also going to see here is that this will drive a lot more improved savings and service for insured customers,” Beri said during the call.
In addition, GoodRx is providing a value proposition for brand manufacturers.
“[I]t’s about demand generation and being able to put them really close to the point of transaction, in unique ways, and we’re focused on that,” Wagner said during the call.
The company has identified a unique role it can play between the consumer patient and the doctor, Wagner said. Specifically, GoodRx offers awareness, navigator services and health content that can be a transformative component in the market.
Overall, Wagner said, GoodRx is affected by the market just like everybody else but is focused on introducing its solutions to customers.
“Our ability to build up the business in the market really has more to do with us than it does with market dynamics,” Wagner said. “I think what I’d like to leave everybody with is we honestly should be able to continue to build up this business from our standpoint pretty healthy because this is still about introducing us and these solutions to the market.”