GoodRx Holdings, Inc. (NASDAQ:GDRX) was founded in 2015 and is headquartered in Santa Monica, California, USA, with 388 full-time employees. It is a company dedicated to helping Americans obtain the medical care services and medicines they need at affordable prices. In order to achieve this goal, GoodRx is building a leading, consumer-centric digital medical platform in the United States.
GoodRx Holdings (GDRX):
GoodRx was founded in 2011 by Doug Hirsch (former Facebook executive) and Trevor Bezdek. They collected drug price data from more than 75,000 pharmacies in the United States and then provided discount coupons (coupons) to consumers. The income from Doug Hirsch and Trevor Bezdek mainly depends on the expenses given by the pharmacy. GoodRx claims that more than 17 million American consumers use its platform every month.
GoodRx has a telemedicine platform and a free-to-use website and mobile application that can track the prices of prescription drugs in the United States and provide free drug coupons to discount drugs.
GoodRx is an excellent American prescription drug comparison service provider, prescription drug discount platform, and online drug purchase platform, which aims to solve the challenges faced by consumers in understanding, obtaining and providing medical care. GoodRx starts with a prescription drug price comparison tool to provide consumers with free access to lower drug prices. GoodRx hopes to help ensure that parents do not have to choose between their children’s next meal and life-saving drugs (a bit exaggerated^_^).
GoodRx not only provides free price comparison services in local pharmacies, but also offers discounts, free coupons, and money-saving techniques for patients. The company achieves its goal of saving patients money by cooperating with top pharmacy chains and pharmacy welfare managers. Tahla Sattar, founder and CEO of Nimble Pharmacy, a pharmaceutical company, said: “GoodRx provides services to consumers who are underinsured or uninsured, provides well-being for patients, and makes outstanding contributions to cost savings. I have been following closely. This company.”
Today, GoodRx believes that its expanded platform can provide affordable and convenient medical service providers through telemedicine and other medical services and information through easy access to price transparency and affordable solutions for generic drugs and branded drugs Consultation to improve the health and financial situation of American families.
According to GoodRx’s research, from its establishment to June 30, 2020, the company estimates that without the savings provided by GoodRx, approximately 18 million consumers would not be able to afford prescription costs. In addition, the July 2020 survey of GoodRx commissioned by Lab42 Research LLC found that 68% of the health care providers surveyed recommended GoodRx to patients. In addition to reducing consumers’ health care costs, GoodRx believes that the company’s products can also help improve medication compliance, faster treatment speed and better patient prognosis.
According to the prospectus, GoodRx achieved a net profit of US$55 million in the first half of 2020, a year-on-year increase of 75%; GoodRx’s revenue in the first half of 2020 was US$257 million, a significant increase of 48% year-on-year. Under the epidemic, in addition to Zoom , the growth rate of GoodRx has also attracted the attention of Wall Street. GoodRx has not launched online ordering and online drug delivery business, but has grown by providing coupons to consumers to pick up drugs in pharmacies. It makes a profit by charging commissions from pharmacies. In the future, GoodRx plans to deploy telemedicine and other fields.
GoodRx Holdings (GDRX) financing:
- On November 1, 2011, in the seed round of financing, GoodRx received investment from 7 institutions including SV Angel, Founders Fund, Lerer Hippeau, Highland Capital Partners, and Upfront Ventures.
- On October 7, 2015, GoodRx received investment from Spectrum Equity and Francisco Partners.
- On August 6, 2018, GoodRx received a new round of financing led by Silver Lake, followed by Spectrum Equity and Francisco Partners. At that time, the company was valued at US$2.8 billion. Before listing, Silver Lake held 35.3% of GoodRx.
GoodRx Holdings (GDRX) History:
- GoodRx was founded in September 2011 by Trevor Bezdek and former Facebook executives Doug Hirsch and Scott Marlette. Marlette was one of Facebook’s first 20 employees and built Facebook’s photo application. In 2005, Hirsch served as vice president of Facebook products and worked closely with Mark Zuckerberg.
- In 2017, GoodRx announced the establishment of partnerships with major prescription drug companies in the United States to negotiate lower prescription drug costs.
- In 2017, Jordan Michaels joined the operations director.
- In September 2019, GoodRx acquired the telemedicine company HeyDoctor and renamed the telemedicine platform to GoodRx Care. The platform allows individuals to consult doctors online and obtain prescriptions for certain drugs. As of December 2019, the cost is $20, regardless of insurance status. The platform also provides medical testing services at different prices.
- In 2019, technical director John Asalone became the general manager and added Telehealth to GoodRx’s comparison shopping platform.
- On February 25, 2020, “Consumer Reports” (Consumer Reports) published an article stating that GoodRx shares user data with Google and Facebook. A few days after the publication of the Consumer Reports article, GoodRx issued a statement stating that it had made changes to prevent sharing user search data on medical conditions and medicines with Facebook.
GoodRx Holdings (GDRX) investment:
GoodRx Holdings, Inc. (NASDAQ:GDRX) is listed on NASDAQ on 9/23/2020 IPO. The planned issue price is $24.00-$28.00, the actual issue price is 33 US dollars, 34.6 million shares are issued, and 1.141.8 billion US dollars are raised. Morgan Stanley / Goldman Sachs/ JP Morgan/ Barclays underwriting, BofA Securities/ Citigroup/ Credit Suisse/ RBC Capital Markets/ UBS Investment Bank/ Cowen/ Deutsche Bank Securities/ Evercore ISI/ Citizens Capital Markets/ KKR/ LionTree/ Raymond James/ SVB Leerink/ Academy Joint Securities/ Loop Capital Markets/ R. Seelaus/ Ramirez.
Bentley (BSY), Corsair (CRSR), GoodRx Holdings (GDRX), etc. were listed on the same day .