'GoodRx is scheduled to go public next week. The company benefits from bringing some transparency to a dysfunctional drug market,' writes columnist Davidlaz.
Santa Monica’s GoodRx Holdings is preparing to offer up to $100 million worth of shares to the public next week as it builds what it calls “the leading consumer-focused digital healthcare platform in the United States.”But this much is certain: GoodRx is a stark reminder that our healthcare system is so pitifully dysfunctional, there’s money to be made in doing what our elected officials are unwilling, or unable, to accomplish.
The company also helps bring sunlight to the pharmaceutical market by showing how much different drugstores charge for medicine. This assists consumers both in comparison shopping and in seeing the lunacy of a marketplace with no price controls whatsoever.In the United States, unlike most other developed countries, drug companies can charge whatever they want. This is a recipe for taking advantage of some of the most vulnerable members of society.
“Health is probably the one area of the economy where you rarely ask what the price is upfront,” Marlette told me. “You just want to get better. But you have choices. And if you know where to get something cheaper, you’d go there.”That insight has served GoodRx well. Unlike a lot of tech companies that go public, this one actually makes money., GoodRx earned nearly $55 million in profit during the first half of 2020 — up an impressive 75% from the same period a year before.
“How many consumers, when they buy a car, know how much the manufacturer paid for spark plugs?” he asked. “They know nothing about the cost of spark plugs and they don’t care.”
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