Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on solutions for the pharma industry. As there is a large number of startups working on a wide variety of solutions, we want to share our insights with you. This time, we are taking a look at 5 promising drug pricing solutions.
Heat Map: 5 Top Drug Pricing Solutions
Using our StartUs Insights Platform, covering 1.116.000+ startups & emerging companies, we looked at innovation in the field of pharma. For this research, we identified 64 relevant solutions and picked 5 to showcase below. These companies were chosen based on a data-driven startup scouting approach, taking into account factors such as location, founding year, and technology among others. Depending on your specific criteria, the top picks might look entirely different.
The Global Startup Heat Map below highlights 5 startups & emerging companies developing innovative drug pricing solutions. Moreover, the Heat Map reveals regions that observe a high startup activity and illustrates the geographic distribution of all 64 companies we analyzed for this specific topic.
MYDAWA – Affordable Medicines Online
For many regions in the world, access to pharmacies remains poor and often involves long and sometimes expensive travel. In other regions, a lack of access to drugs automatically inflates prices and provides opportunities for selling counterfeit products. Disruptions from conflict and poverty also eliminate the ability to freely sell medicines at pharmacies. All this drives startups from different regions to develop transparent digital solutions for buying essential, life-saving, and affordable medicines online.
Kenyan startup MYDAWA provides affordable genuine medicines and wellness products online. The startup offers customers a prescription consultation with its pharmaceutical experts. As a registered online pharmacy, the startup also provides filings for prescription and non-prescription drugs. Moreover, MYDAWA offers rapid delivery of medicines across Kenya using their mobile app.
Fertility Drug Calculator – Drug Pricing App For Fertility
There exist several traditional and alternative methods of in-vitro fertilization (IVF) protocols today. It makes it hard to identify the most appropriate solution and later calculate the cost of the selected treatment. Millions of people opt for IVF, and pricing plays a crucial role in the decision-making process. Numerous parameters and dosages also make it difficult to find accurate estimates for fertility medication.
Fertility Drug Calculator is a US-based startup working on a drug pricing app for fertility medication. It lets physicians, patients, and nurses easily calculate the cost of fertility medication. Users compare multiple pharmacies from all over the US to identify the best prices for specific treatment. The easy-to-use and patient-friendly mobile app enables a hassle-free calculation of fertility treatments like the IVF protocol and also shows various rebates and discounts available to the user.
PharmaCCX – Oncology Drug Pricing Platform
Prices for drugs depend on several factors, with each one capable of becoming a constraint as well. From inefficient supply chains to underserved diseases, drug prices remain distorted and difficult to navigate for the most vulnerable patients. Millions of people around the world contract some form of cancer every year, but pharma companies and healthcare systems are unable to provide good quality and affordable treatments to patients. It drives startups to find innovative solutions to improve pricing and access to oncology drugs.
Based out of the US, with offices in Sweden and Switzerland, PharmaCCX is a drug pricing platform for a new generation of indication and combination oncology therapies in Europe. The startup provides a technology platform that focuses on the oncology drug market in Europe, where stakeholders dynamically negotiate prices based on scientific evidence and economic analysis. The platform expedites the price negotiation process for new therapies while also providing patients with access to medicines.
SmithRx – Pharmacy Benefit Manager (PBM)
Pharmacy benefit managers sit between plan sponsors or employers, drug manufacturers, and pharmacies to help administer the prescription side of a health plan. PBMs aggregate demand by buying medicines in bulk at discounted rates, to later sell it to patients at affordable rates. However, this sector faces challenges of still selling drugs at higher prices and leaves room for improvement. With digitization comes transparency as well, which emerging companies exploit to provide technology-driven pricing solutions.
SmithRx is a US-based startup building a modern and new type of PBM on a technology platform. The startup deploys a ‘pass-through pricing’ model that collects only administration fees, unlike traditional PBMs that make money by inflating prices. The technology platform provides a real-time data stream that allows users to check eligibility and build a pharmacy plan. The platform also offers formulary management, clinical programming, and simulation services to their customers.
Medicus – Digital Platform For Pharma Stakeholders
The COVID-19 pandemic has exposed several deficiencies in the pharma and healthcare supply chains. With different regions of countries possessing contrasting medical facilities, it becomes crucial to understand the environment and encourage better communication among various stakeholders. Physicians and drug manufacturers alike benefit from higher levels of collaboration to provide patients with access to affordable medicines.
Indian startup Medicus is developing a mobile app to connect various stakeholders of the Indian medical industry. This digital networking platform empowers doctors to provide insights with transparent information on medicines, as well as connects them with pharmaceutical manufacturing companies. Doctors provide feedback on drugs and compare drug prices to offer patients with suitable options. This solution replaces the pharmaceutical representative and brings clarity to information about both new and existing drugs.
What About The Other 59 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence so you can achieve your goals faster. The 5 drug pricing solutions showcased above are promising examples out of 64 we analyzed for this article. To identify the most relevant solutions based on your specific criteria, get in touch.