Escalating healthcare expenses pose a substantial financial burden in the United States, with prescription medications being a frequent expense that burdens household budgets.
High out-of-pocket drug costs can be especially problematic for households without insurance coverage or for those with insurance that does not adequately cover their specific medications.
Research from KFF highlights that the monthly list price for Ozempic is a staggering $936 in the United States, while in Japan, patients pay $169, and in France, patients pay only $83.
In addition, research from ASPE reveals that over 4,200 drug products experienced price increases between January 2022 and January 2023 — and of those products, 46% had rate increases above the rate of inflation. Such costs can cause individuals to skip prescription refills, cut dosages in half, or take other drastic actions in an attempt to reduce their expenses.
While rising prices are creating stress for individuals and families across the country, Matthew Herfield, Co-Founder and CEO of BuzzRx, a prescription discount service, argues that the need for his company’s discount program has never been greater.
How BuzzRx Helps Households Save On Prescriptions
BuzzRx is available as a physical prescription discount card or via a mobile app for iOS and Android. With both the physical and digital options, the core solution for saving money is the same, and the program is completely free.
“To save on your prescriptions, all you have to do is present your BuzzRx card or discount coupon at a participating pharmacy,” Herfield explains. “The pharmacist will apply the discount to your final cost, so you’ll only be responsible for the discounted balance. The card has no activation requirements or expiration date, so you can continue to use it at your local pharmacy each time you pick up a prescription.”
Like insurers, BuzzRx uses pricing negotiation to obtain discounts on prescription drugs for its members. “We’re able to leverage our large member base to negotiate lower prices with pharmacies across the country,” Herfield says.
“These discounted prices are based on the average wholesale price for each drug, so discount amounts and the final price you pay will vary depending on the medication, as well as which pharmacy you go to.”
As part of this solution, BuzzRx receives a nominal low-margin fee that is incorporated into the user’s discounted prescription price in exchange for driving additional foot traffic to the pharmacy. This amount is paid to BuzzRx by the pharmacy — cardholders never make direct payments to the company.
How Much Can You Save With BuzzRx?
So, how much can BuzzRx users save with the discount service? “On average, our members who fill one prescription per month save about $845 per year when they use BuzzRx,” Herfield reveals.
“Obviously, the level of savings can vary based on the type of prescription they use. On average, most BuzzRx users get around a 60% discount on their prescriptions, but savings can be as much as 90% on generic drugs or around 10-15% on brand name drugs.”
Herfield is also quick to note the resources BuzzRx provides to help cardholders potentially save even more on their prescriptions. “Our app and website make it easy to locate nearby pharmacies and compare prescription prices. This way, you can quickly see which pharmacy near you offers the best discount for your medication. Costs can actually vary quite a bit between pharmacies, so it’s always worth checking around to find the best price for each of your medications.”
With over 60,000 pharmacies nationwide that accept BuzzRx, cardholders have ample options when seeking discounted medication, including major retail chains like CVS, Walgreens, Walmart, and Kroger.
BuzzRx cannot be combined with insurance. However, users can choose to use either BuzzRx or their insurer at the pharmacy, depending on which option will provide the better discount.
Analyses of health coverage reveal that 87% of workers covered by health insurance are in plans with three or more tiers for prescription drug cost sharing. Copay amounts can be as little as $11 for generic drugs or as high as $125, while coinsurance rates often range from 20-38%. Because of this range, the discount amounts offered through BuzzRx can often be greater than what a patient could get through their insurance coverage.
When it comes to obtaining affordable prescription medications, Herfield recommends users take the time to understand their options to best determine which solution will provide the greatest savings.
Reducing the Financial Burden of Healthcare
“Prescription medications are one of the biggest financial pain points for households in our current environment,” Herfield says. “By offering a free solution that allows individuals and families to drastically reduce their spending in this area, we can ensure that they can budget for other medical expenses or essential needs — or simply that they are financially secure enough to take their medication as prescribed. Any savings at the pharmacy can add up over time to make a huge difference.”
By using BuzzRx and other money-saving solutions to save hundreds or even thousands of dollars, patients can spend less at the pharmacy and enjoy higher-quality medical care.
The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.
