GoodRx, a leading consumer-focused digital healthcare platform, entered into a definitive agreement to acquire vitaCare Prescription Services from TherapeuticsMD. VitaCare is a technology and services platform that helps patients navigate key access and adherence barriers for brand medications.
Specifically, vitaCare helps patients understand coverage and identify available savings opportunities, and facilitates communications between providers and payors. The platform also offers a seamless path for filling a prescription, primarily through its network of third-party pharmacies.
With vitaCare, GoodRx believes it will have more tools to help facilitate the prescription process from start to finish, ensuring patients have a clear path to access and afford the brand-name therapies they need.
In addition, the acquisition is expected to further strengthen GoodRx’s set of rapidly growing, high-margin Pharma Manufacturer Solutions offerings which span medication awareness, access, and adherence with unique capabilities.
GoodRx continues to implement its strategy the delivery of content initiatives around GoodRx Health and healthcare provider focused platform extensions that help providers help their patients and support the company’s pharma manufacturer solutions offering.
GoodRx has invested in bringing affordable brand drug solutions directly to consumers. Through its Pharma Manufacturer Solutions business, GoodRx works with pharmaceutical manufacturers to boost awareness of savings programs among patients and prescribers directly on its site, improving patient access to these programs and increasing adherence to the brand medications patients need to stay healthy.
GoodRx, in September 2021, launched GoodRx Health to provide research-based answers to vital health questions. Unlike other consumer health destinations, GoodRx Health takes a new approach to health information with concise, actionable knowledge delivered via GoodRx Answers, Health Wizard tools for navigating tough choices, and thousands of award-winning Explainer videos on today’s crucial health concerns.
GoodRx Health offers a platform where manufacturers can reach large, high-intent audiences contextually relevant to their products. Now, with vitaCare, GoodRx plans to expand its solutions for pharmaceutical manufacturers to help increase access and adherence for patients.
GoodRx has helped Americans save more than $35 billion on their prescriptions compared to the pharmacy cash price. In 2021 alone, more than 5 million of its users saved more than $500 compared to the pharmacy cash price, and GoodRx’s NPS increased to 90 among healthcare providers, equal to its high NPS with consumers.
GoodRx has agreed to acquire vitaCare for $150 million in cash, with an additional $7 million consideration contingent upon vitaCare’s financial performance through 2023. GoodRx expects the transaction to contribute under 1% to the company’s overall revenue and reduce adjusted EBITDA margin by approximately 2% in 2022, assuming the transaction closes mid-year.
Takeaway: GoodRx’s acquisition of vitaCare Prescription Services will help more patients receive their prescriptions in an efficient, affordable, and transparent manner, and stay on their prescribed therapies as long as appropriate