this L.A. Times article today by David Lazarus regarding Santa Monica-based GoodRx, a start-up that provides comparison shopping for the best price of prescription drugs at local drugstores.
"GoodRx, based in a modest office building shared with other tech and media companies, has already attracted some big-name investors, including former Disney President Michael Ovitz and a handful of heavyweight venture-capital funds."
Ovitz attributes his investment in the company to a belief in its founders, former Facebook employees Scott Marlette, Doug Hirsch, and Trevor Bezdek. "Ovitz and other early investors say they trust the company's leaders to make the venture pay off."
"A lot of our start-up investments are essentially bets on the founders," Ovitz said. "These are very smart guys with an impressive track record with a great idea."
Lazarus agrees the site offers a simple and consumer-friendly service:
"After kicking GoodRx's tires, I can say that it works pretty well. You enter your ZIP Code and the drug you're seeking, and the site quickly comes up with a list of nearby pharmacies and the prices they're selling the med for — all free of charge."
Given the straightforward utility of GoodRx, Lazarus poses a reasonable question: why haven't similar consumer-friendly resources been offered by the insurance industry:
"Why haven't health insurers come up with their own price-comparison service? It's in their interest to provide customers with the most affordable options, and they certainly have access to the most comprehensive data about medical pricing."
"Why wouldn't an Anthem Blue Cross or a Blue Shield want to make customers better healthcare consumers by allowing them to browse for treatments and meds in the same way a savvy consumer will check out the Kelley Blue Book or Google Shopping before buying a car or TV?"
To read David Lazarus' entire L.A. Times article, 'Making it easy to comparison shop for prescription drugs', click here.
To visit GoodRx, click here.