Monday April 6, 2015 0 comments
Drugs are prescribed every day with impossible-to-pronounce names and ingredients that can boggle the mind of the average consumer.
But now there’s a Denver-based company that offers an online platform designed to help consumers navigate the prescription drug minefield so they can get the medicine they need at a more affordable price.
RxRevu launched in 2013 but didn’t begin offering its services to the public until January of this year. According to CEO Carm Huntress, the company has one primary goal: Help consumers find the best deal for their prescription drug needs.
“Prescription drugs are a big problem because of affordability and no transparency for consumers to save on their prescriptions,” Huntress said.
“Affordability has become a big issue, because one in three people is having affordability problems with their prescriptions.”
Huntress said the genesis of the company began in 2007 when its future founder, Dr. Kevin O’Brien, began looking at the costs of the medications he was prescribing.
“Our founder Dr. O’Brien is the brainchild behind the platform,” Huntress said. “As almost a hobby, he tried figuring out how to help people save money on prescriptions.”
Huntress said research by O’Brien and RxRevu found an amazing amount of variation in the price of prescription drugs.
“There’s a 10X difference in price -- even the same drug at a different pharmacy – and it changes every day,” he said.
Transparency in the prescription marketplace is definitely lacking, Huntress notes.
“It’s an incredibly opaque market and that makes it harder for consumers,” he said. “And it’s really an odd retail experience, in that you walk into a pharmacy and they tell you how much (you) should pay.”
Huntress said 70 percent of Americans use prescription drugs, spending a total of more than $300 billion a year.
RxRevu has researched 6,500 medications and offers recommendations on where to obtain them at the most affordable price and whether there is a generic substitute or other therapeutic alternative they can turn to.
RxRevu claims to be able to help consumers save up to 80 percent on their prescription purchases through its curated shopping portal and with coupons that can save them money at 64,000 pharmacies.
The ultimate goal, Huntress says, is to help create better informed consumers.
“What Dr. O’Brien realized was people walk in to their doctor and say they heard about a commercial or something a friend told me, and that’s not really helpful when a doctor has only about seven minutes with you,” he said.
Consumers who visit RxRevu can set up a free account to enter their health information and get recommendations best suited for their particular illness or condition.
They’ll still need to run that by their doctor before getting a prescription, but at least they can go into that doctor visit armed with some information they can intelligently discuss with their physician.
Huntress said RxRevu’s website has had more than 10,000 visits since its January launch, and the company was a winner of the 1st Annual Colorado gDemo Day at Galvanize in February.
Huntress said there are a few alternatives to RxRevu but most focus on coupons and none provide the depth of curated information offered by his company.
Huntress is a serial entrepreneur, co-founding Cardvio and serving at CTO for Audiogen and Reef Partners. He acknowledges he is not a medical specialist.
“I’m a technologist by trade,” he says. “This is my first foray into digital health, but I’ve put a great team behind me.”
That team includes the company's founder, Dr. O'Brien, who serves as chief medical officer.
For more information, visit https://www.rxrevu.com/.