Wednesday saw GoodRx launch something new. They called it Companion.
It’s for people flying under the health insurance radar. Or those who are insured but still getting crushed by out-of-pocket bills. The price is $14.9 a month. Not a bad deal when you think about it.
“Coverage is getting worse, costs are up, ACA roll-offs — it’s a mess,” says Aaron Crittenden, the Rx Marketplace president.
He isn’t wrong. Premiums are skyrocketing. Benefits are shrinking. Workers have been laid off by the tens of thousands in the last year. The mix is ugly. It’s an environment where people are desperate for any healthcare option that doesn’t involve selling a kidney.
Companion isn’t insurance. GoodRx is careful to say this.
They tried before. GoodRx Gold cost the same $14.9, offered 200 generic drugs, and threw in unlimited virtual visits. It didn’t take. User research told them what broke. So they built this instead.
Think of it as a rental network. They didn’t build a provider list from scratch. Too slow. Too expensive. Instead they rented access to existing relationships with partners. Market leaders. The stuff you actually need.
What’s in the box?
– 200 generic medications (free or cheap)
– $19 telehealth visits
– Dental care
– Vision care
– Labs and diagnostics
These are high-volume things. Stuff you use often but skip because of the cost sting. Now they have a backstop. If you’re uninsured it covers the bases. Not everything, but the essentials. It could also help small employers who struggle to provide decent plans for part-timers.
Crittenden calls it ancillary. A safety net. Not the whole trampoline park.
CEO Wendy Barnes sees the writing on the wall. People are tired. Coverage is complex. Bills are high.
“Companion meets that demand while advancing our strategy,” she says. “This is where the market is headed.”
GoodRx is betting big on recurring revenue. They want to stick to consumers longer than a single drug pickup allows.
But here’s the rub. GoodRx isn’t doing well right now. The stock is down 30% in the past year. It hit $33 in 2020 during that brief telehealth honeymoon. Now? $2.82 a share. Investors are nervous. They don’t believe in the innovation anymore. Or the revenue growth.
The launch gave the stock a tiny bump. Under 2% on Wednesday. Hardly a catalyst.
The brand is still strong. Consumers trust the name when it comes to drug coupons. Whether a $15 monthly sub changes Wall Street’s mind?
Only time will tell. And money. Lots of money.
