VeriPrix
Veriprix offers patients reliable and transparent drug pricing at local pharmacies, empowering them to make informed decisions and find the best medication prices.
MIT Hacking Medicine Hackathon
1st Place Winner
Project Type
Hackathon
App Design
Timeline
2023 April
My Role
UI/UX Designer
Team
Dustin Cotliar MD, MPH
Danielle Kim
Anthony Li
Alan Zhuang
Christine Sam, PMP
Overview
The cost of the same medication varies among different pharmacies.
Insurance costs become convoluted due to intermediaries such as Pharmacy Benefit Managers (PBM) and wholesalers.
Provide accurate and transparent drug pricing using data analytics.
Background
Disparities in medication pricing
The cost of the same medication can vary depending on the pharmacy.
Price variations between pharmacies can range from 170% to 330%.
Why does such a significant price difference occur?
Insurance pricing is complex and unclear due to intermediaries like Pharmacy Benefits Managers (PBMs) and wholesalers. Their behind-the-scenes negotiations obscure true costs, leading to significant price variations. This lack of transparency makes it difficult for consumers to understand the pricing, contributing to extreme price differences in healthcare.
Why does opaque drug pricing matter so much?
Opaque pricing disrupts the entire healthcare ecosystem, harming patients, doctors, and payors. It creates confusion, restricts access to affordable care, and drives up costs. Patients struggle with rising expenses, doctors find it challenging to prescribe cost-effective treatments, and payors face difficulties managing expenses, leading to higher premiums.
Problem
No platform offers transparent access to insured drug pricing, leaving consumers in the dark about their actual medication costs.
Solution
A platform where patients can effortlessly compare medication prices across different pharmacies, all available with just one touch.
How can accurate drug pricing be made accessible?
How can it be beneficial?
Opaque pricing disrupts the entire healthcare ecosystem, harming patients, doctors, and payors. It creates confusion, restricts access to affordable care, and drives up costs. Patients struggle with rising expenses, doctors find it challenging to prescribe cost-effective treatments, and payors face difficulties managing expenses, leading to higher premiums.
Final Product
Personalized Drug List
Patients can save their frequently used medications and view a list of prices and pharmacies on the main screen simultaneously.
Insurance-Based Pricing
Patients can enter their insurance information to accurately display the differences in medication coverage for each plan. This enables them to see the exact medication prices in real-time.
Easy Compare & Accurate Information
Patients can quickly compare medication prices across different pharmacies. For added convenience, they can view the exact location and basic details of each pharmacy. Additionally, brief descriptions of the medications offer accurate information, ensuring reliable and trustworthy details.
Branding
Business Plan
Marketing Strategy
The unique advantage of VeriPrix compared to other applications, which can be a key selling point for potential users, includes:
Insurance Integration: Users can seamlessly apply their own insurance, allowing for deductibles to be considered and access to specialty medications at up to 50% lower prices.
Expanded Medication Choices: VeriPrix offers a wider range of medication options, providing users with more flexibility and access to the best treatments available.
Marketing Strategy
The unique advantage of VeriPrix compared to other applications, which can be a key selling point for potential users, includes:
Insurance Integration: Users can seamlessly apply their own insurance, allowing for deductibles to be considered and access to specialty medications at up to 50% lower prices.
Expanded Medication Choices: VeriPrix offers a wider range of medication options, providing users with more flexibility and access to the best treatments available.
Marketing Strategy
VeriPrix will initially target local employer-sponsored health plans to build a solid customer base. From there, the business will gradually expand to include larger insurance companies. The primary revenue streams will come from three key areas.
Learnings
Rapid Prototyping
We successfully developed a functional app prototype within a tight timeframe, demonstrating the team's efficiency and adaptability.
Team Collaboration
The project highlighted the importance of effective teamwork, with each member contributing unique skills to meet the challenge's demands.
User-Centric Design
We developed a user-focused tool for transparent drug pricing, quickly integrating complex data and algorithms for real-time, accurate results.