GoodRx to offer pay-over-time option on select meds
Prescription savings platform GoodRx announced it will soon offer Affirm’s pay-over-time option to consumers on select medications.
The company is teaming up with Affirm, a buy now, pay later company, to give consumers a convenient way to pay for their medication directly from the GoodRx platform.
“At a time when more than a third of Americans defer prescriptions due to soaring costs – often having to choose between essential medications and other necessary expenses – there’s a need for new financial solutions in healthcare,” a GoodRx spokesperson told Access Insider.
According to a 2023 GoodRx survey, nearly 36% of American reported that paying for prescription medications had been very difficult (5.4%) or somewhat difficult (30.5%).
“By offering consumers the option to use Affirm to pay over time for select medications at participating retail pharmacies, we’re helping people access their medications – whether it’s helping them reach a deductible or providing great financial flexibility and control,” the spokesperson added.
The company is launching the initiative with its partner pharmacies, including grocery retailer Hy-Vee, which has a network of more than 275 retail pharmacies, the company noted.
By partnering with retailers like Hy-Vee, consumers can use GoodRx to find medication, select Hy-Vee, validate their prescription, check for inventory, and select an Affirm payment plan option upon approval. Once authorized by Affirm for financing, customers can complete their order and pick up their medication at their preferred Hy-Vee location.
“This e-commerce initiative represents a significant advancement in making medications more accessible and simplifying the healthcare purchasing process for both patients and retail pharmacies,” the spokesperson said.
Improving medication adherence
According to GoodRx, partnering with Affirm to offer pay-over-time options for consumers may help improve medication adherence.
“Medication adherence — commonly defined as taking 80% or more of prescribed doses — remains a significant challenge in the U.S. Medication nonadherence can lead to increased healthcare costs and is associated with hospitalization and mortality. While many factors impact adherence, affordability remains a significant barrier. In fact, GoodRx research reveals that around 34% of people have reported rationing or skipping medication due to cost concerns,” the spokesperson said.
“By allowing consumers to spread the cost of their medications over time, GoodRx can reduce the immediate financial burden, thereby increasing the likelihood that patients will purchase and consistently use their prescribed medications. This is especially crucial for those with chronic or life-threatening conditions. This initiative not only enhances access to essential medications but also supports our broader strategy to streamline the process of obtaining medications, ultimately improving experiences for both patients and pharmacies.”
The spokesperson told Access Insider the program will begin in the coming months, and approved users will be able to select Affirm as a payment option when purchasing medications from participating retail pharmacies.
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