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Pharmaceutical companies spend very large amounts on advertising specific medications, via; TV, Radio, Publications, Newspapers and various healthcare outlets. Manufactures also spend large amounts on coupon advertising. Most of this advertising is done and controlled by very large advertising agencies costing billions. Out of the thousands of available prescriptions the industry coupons are usually limited to a very few name brand prescriptions. The discounts are typically based on the cash rebates and are generally not widely available to everyone only specific named drugs. The insured population with PBM cards are typically not informed about using cash reduction prescription cost coupons and there ability to reduce out of pocket expenses. As insurance plans increase patient deductibles and co-pays it will increase prescription drug mfg., opportunities for Pharmacy MFG cash coupons and rebates.
The majority of coupon users are cash paying patients. This population represents about 20% of the market yet cash coupon usage is very small.
Insured patients have already received varying levels of slightly discounted prescriptions thru the various insured health plans as well as discount discounted prescription drug cards such as ours. Thus the advertising values of coupons are not as effective as they could be and consumers have been disappointed with the manufacturer's coupon efforts.
In addition, Pharmacy's have no universal standard for receiving the reimbursement for coupons value and as such Pharmacist's really don't like to accept coupons because of uncertainty of re-imbursements and no universal standardizing of coupons.
The opportunity for Pharmaceutical MFG. to better communicate and market universally accepted coupon's and advertise their availability to help all patients with all medications via universally accepted e-coupons is a huge opportunity.
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Rex C. Bowden Jr. is the 26-year-old founder and CEO of Group Net LLC / YourRxCard.com.
As a husband and father, he understands the needs of families and individuals in obtaining affordable prescription drugs. That, coupled with his history as a successful webmaster and e-benefit programmer consultant, inspired his launch of YourRxCard's free prescription drug card program.
Bowden launched the company in August 2001, and continues to expand the network of websites and programs offering prescription drug assistance to those in need.