2023 - app design
veriprix
Veriprix is a mobile app that provides patients with reliable, transparent drug pricing from local pharmacies, enabling patients to find the best medication prices with confidence.
The cost of the same medication varies among different pharmacies.
Insurance costs become convoluted due to intermediaries such as Pharmacy Benefit Managers (PBM) and wholesalers.
Provide accurate and transparent drug pricing using data analytics.
Insurance-Based Pricing
Patients can enter their insurance information to accurately display the differences in medication coverage for each plan. This enables them to see the exact medication prices in real-time.
Medication Search & Comparison
Patients can search for specific medications and instantly compare prices across nearby pharmacies. Results are sorted by cost so patients can make confident, informed choices.
Pharmacy Locator
The app maps local pharmacies and their pricing, so patients can find the most affordable option near them with just one touch.
Why does such a significant price difference occur?
Insurance pricing is complex and unclear due to intermediaries like Pharmacy Benefits Managers (PBMs) and wholesalers. Their behind-the-scenes negotiations obscure true costs, leading to significant price variations. This lack of transparency makes it difficult for consumers to understand the pricing, contributing to extreme price differences in healthcare.
Hidden disparities in medication pricing
The cost of the same medication can vary depending on the pharmacy.
Price variations between pharmacies can range from 170% to 330%.
Why does opaque drug pricing matter so much?
Opaque pricing disrupts the entire healthcare ecosystem, harming patients, doctors, and payors. It creates confusion, restricts access to affordable care, and drives up costs. Patients struggle with rising expenses, doctors find it challenging to prescribe cost-effective treatments, and payors face difficulties managing expenses, leading to higher premiums.
No platform offers transparent access to insured drug pricing, leaving consumers in the dark about their actual medication costs.
A platform where patients can effortlessly compare medication prices across different pharmacies, all available with just one touch.
How can it be beneficial?
The 'VeriPrix' application empowers patients with clear drug pricing, leading to out-of-pocket savings. It enables doctors to prescribe cost-effective treatments, improving outcomes, and benefits payors through higher revenue by reducing overall healthcare costs. VeriPrix enhances transparency, eliminating the need for intermediaries that often obscure true costs.
How can accurate drug pricing be made accessible?
Process
Sketches
Low-fidelity
Branding
Marketing Strategy
The unique advantage of VeriPrix compared to other applications, which can be a key selling point for potential users, includes:
- Insurance Integration: Users can seamlessly apply their own insurance, allowing for deductibles to be considered and access to specialty medications at up to 50% lower prices.
- Expanded Medication Choices: VeriPrix offers a wider range of medication options, providing users with more flexibility and access to the best treatments available.
Business Model
Revenue
VeriPrix will initially target local employer-sponsored health plans to build a solid customer base. From there, the business will gradually expand to include larger insurance companies. The primary revenue streams will come from three key areas.
01/
Rapid Prototyping
We successfully developed a functional app prototype within a tight timeframe, demonstrating the team's efficiency and adaptability.
02/
User-Centric Design
We developed a user-focused tool for transparent drug pricing, quickly integrating complex data and algorithms for real-time, accurate results.