OSHKOSH, WISC. — February 26, 2008 — BidRx.com, the Internet marketplace for prescription medications, today announced that Tommy G. Thompson has been appointed as an Advisor for the company. BidRx®'s competitive electronic marketplace (CEM®) helps consumers get instant bids from pharmacies on prescriptions. Launched in 2006, BidRx® is proving to be an accepted solution for the rising costs of prescription medications by first creating transparent, head-to-head competition between pharmaceutical companies and second, head-to-head competition between pharmacies.
As U.S. Secretary of Health & Human Services, Tommy G. Thompson saw first-hand the annual double-digit prescription drug price increases over the past decade. Thompson sought to stop the spiraling price increase by spearheading the efforts of the Federal government to launch Medicare Part D – which covers prescription drugs for Medicare beneficiaries. Thompson said, "BidRx.com has created a solution. It stems the dramatic increase in prescription drug prices. I want to be part of making BidRx.com available for every business and individual and, by doing so, saving Americans substantial dollars on prescription drugs. BidRx® changes the way prescriptions are marketed, sold, and purchased in the U.S."
A free website for consumers and prescribers, BidRx.com has created an open and competitive marketplace where consumers can find the best value on medications for their health needs. Visitors to the site can learn about similar medications, receive discounts directly from pharmaceutical companies and others, put their prescriptions out for bid so they can compare prices and services from local or nationwide pharmacies, and save up to 85 percent or more on their prescriptions. As online travel sites and online auction sites have revolutionized how consumers find inexpensive airfares, hotels and other goods and services, BidRx.com does the same for prescriptions.
BidRx® is a value-driven, interoperable system accessible by prescribers, pharmacists, consumers, insurance companies, employers, pharmaceutical companies, patient advocates, and others. All users efficiently deposit and withdraw information about the cost and quality of prescription options at the time of treatment or when purchasing decisions are made and can act on the information to save money whenever they choose. The marketplace shows consumers and prescribers information about similar prescriptions, prices (including insurance, employer, or health plan payments and discounts from competing manufacturers and others), effectiveness and safety before a prescription is written: the result is that prescribers choose more cost-effective therapies and consumers and payers save money. Additionally, the website gets instant bids from competing pharmacies, shows offered services that are meaningful, location, and prices before a pharmacy is chosen: the result is that consumers choose pharmacies that meet their needs and consumers get better services and save money. BidRx.com can replace or augment the current inefficient model for prescription benefits.
"I believe that employers, payers and consumers will want to adopt BidRx.com to decrease the costs of care," said Governor Thompson.
BidRx®, LLC, based in Oshkosh, WI, connects consumers and prescribers with pharmacies, manufacturers, and benefit sponsors and empowers them to make better, more cost-effective drug and service purchasing decisions. For more information, visit www.BidRx.com.
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