85% of Consumers Don’t Know a Drug’s Price Before the Checkout Counter
REDMOND, Wash., Sept. 14, 2022 — Prescryptive Health, a healthcare technology company delivering solutions that empower consumers, today announced the results of its survey of more than 340 independent pharmacy decision makers and over 1,000 consumers.
The study found that the majority of consumers are aware that drug prices can vary by pharmacy, but they don’t often know the cost before they get to the pharmacy counter. In fact, 85% of consumers said their pharmacy experience would be improved if they knew the price of their medication before actually receiving it from the pharmacy.
Results further revealed that most consumers have paid for prescriptions out-of-pocket, even if they have insurance; and half of those surveyed believe it’s cheaper to pay for medications themselves rather than through insurance. Although the use of traditional cash discount programs to pay for prescriptions are on the rise, nearly 70% of consumers were not fully aware how certain cash discount cards can harm independent pharmacies’ business by charging exorbitant administrative fees. After being made aware of these practices, 75% of consumers said they would pay slightly more for drugs using a discount program that would not negatively affect their independent pharmacy, indicating a high degree of customer loyalty.
“The survey confirms what we heard from our community: Consumers want more cost predictability over their medications,” said Chris Blackley, CEO & Co-Founder, Prescryptive Health. “The study also reveals an opportunity for independent pharmacies to use technology to better connect with their patients. Today, pharmacies have options to implement more intelligent pricing solutions – particularly artificial intelligence-driven solutions – that can help them deliver exceptional pricing to patients, while remaining profitable over time, so they can focus on what matters most: patient care.”
Topline results of the survey include the following:
- 50% of those living in urban markets surveyed say it’s less expensive to pay out of pocket than to use insurance benefits for prescription drugs.
- 95% of consumers say they are aware drug costs vary by pharmacy, and 72% say they are likely to use their mobile device to compare prices at different pharmacies.
- 91% of consumers would be more likely to continue using a pharmacy in the next 1-2 years if the pharmacy adopts technology that enhances their experience.
INDEPENDENT PHARMACY DECISION MAKERS:
- 55% of pharmacy decision makers say they spend between two and six hours per week reviewing drug pricing, and 42% report spending more time on the activity than they did just two years ago.
- 91% of pharmacy decision-makers say the right technology could improve their pharmacy’s profitability, and 89% believe it could improve the customer experience.
- 86% of decision makers believe technology that enhances the patient experience will be a leading differentiator for their pharmacy over the next 1-2 years.
Pharmacies played a critical role in meeting patients’ healthcare needs during the pandemic, which elevated consumer trust. The survey findings show that pharmacies have a unique opportunity to adapt to shifts in consumer attitudes and preferences by using technology to offer more convenience and transparency on drug pricing and availability.
“As demand for healthcare outstrips the supply of providers, people will continue leaning on their local pharmacies,” Blackley observed. “Pharmacies have a real opportunity now to leverage technology to not only keep stepping up for their communities and patients, but also to address onerous discount program fees and administrative hassles related to pricing at the same time.”
Read the full report at: prescryptive.com/2022-pharmacy-study
About Prescryptive Health
Prescryptive Health is a healthcare technology company delivering solutions that empower consumers. Prescryptive’s secure, mobile-first products connect consumers, pharmacists, and employers, ultimately providing people with the information they need to make informed decisions and take control of their health. To learn more about Prescryptive Health, visit www.prescryptive.com