RxNetwork Launches Prescription Drug Marketplace

RxNetwork today announced that it has launched the firstonline prescription drug marketplace giving consumers the ability to search and find accurate and transparent pricing from both online and local U.S. pharmacies. Now by just entering in a drug name and a city location, consumers can see prices from multiple pharmacies in their area including major chains, grocery, and warehouse clubs and shop for their medications based on location, convenience, and price.

Available online at www.rxnetwork.com, and soon via mobile applications, RxNetwork includes drug prices on both brand name and generic drugs. With prescription drug prices varying by as much as 80% in some locations, RxNetwork now gives consumers the tools they need to reduce theirout-of-pocket drug costs. As an online marketplace, RxNetwork is also the first siteenabling both pharmacies and drug manufacturers to target consumers with specific savings offers, in some cases worth thousands of dollars in discounts.

In addition, as members of RxNetwork, consumers can now track their drug purchase history for their family using the site’s MyRx feature, and receive price alerts before purchasing refills.

Rising prescription drug costs are a significant issue for many American consumers.

Below are just a few key facts about prescription drugsfrom the Kaiser Family foundation:

  • The average American spends $567 each year on prescription drugs
  • There are close to 50 million uninsured Americans between the age of 18-64
  • Employers are significantly reducing their health insurance benefit plans including drug benefits to cut benefit costs
  • Individuals are increasingly turning to Health Spending Accounts (HSA) and health insurance plans with higher deductibles or co-pays as a percentage of prescription costs

“The cost of prescription drugs continues to rise and more Americans than ever are paying higher out-of-pocket expenses, or even worse forgoing their medications to make ends meet,” said CEO of RxNetwork, Gyan Patra. “What’s more, most consumers don’t realize that prices can vary by as much as 80%“. “Our goal is to empower consumers with the latest information, prices and deals on prescription drugs so they can make informed decisions and save money.”

Key RxNetwork features include:

  • Search and mapping on over 50,000 pharmacies
  • Pricing on over 18,000 brand name and generic alternative drugs
  • Customizable email alerts triggered by drug price changes
  • Detailed consumer drug information including photos on thousands of drugs
  • Latest FDA news and alerts
About Bryan Menell

Bryan is the Managing Editor for AustinStartup and the CEO of Mahana. He is a co-founder of Capital Factory, an investor and advisor, and runs the popular Austin Tech Happy Hour with his wife.