The news: Drug discount and telehealth platform GoodRx reported a 39% year-over-year (YoY) increase in revenues from Q3 2020 ($140.5 million) to Q3 2021 ($195.1 million).
How we got here: GoodRx’s rosy Q3 results are in part due to high-profile partnerships it forged over the past few months, which considerably boosted its consumer reach.
For example, in July, GoodRx tied up with DoorDash to give its drivers access to the GoodRx Gold program, which lets drivers access prescriptions at lower costs (a subscription costing less than $6/month).
And in August, GoodRx partnered with e-prescription company SureScripts, which transmits prescriptions between healthcare organizations and pharmacies.
In September, the drug discount platform teamed up with the US’ top rewards app for retailers and restaurants, Fetch Rewards.
Where GoodRx is likely headed next: It’s likely it won’t slow down its partnerships with the likes of Fetch anytime soon—especially since it could help reach more consumers without the expense of an acquisition.
For example, during the earnings call, cofounder and CEO Trevor Bezdek said GoodRx “sees demand aggregation as being another way to help lower the cost of acquisition and reach more consumers through these B2B efforts.”
Trendspotting: It appears GoodRx has found particular success in its subscriptions business—a strategy more digital health entrants are already deploying to maintain steady revenue streams.
For example, besides GoodRx, Teladoc reported positive Q3 2021 growth thanks to its subscription-based chronic disease management platform Livongo:
Similarly, D2C telehealth entrant Hims & Hers unveiled its subscription-based members increased to 551,000 members through Q3’21, double the company’s memberships to the year prior.
It’s likely companies like GoodRx and Hims & Hers are doubling down on their subscription business due to consumers’ increased interest in digital services:
11 Times SquareNew York, NY 100361-800-405-0844