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Walgreens Boots Alliance (NASDAQ:WBA) said that it has launched a new digital tool called Rx Savings Finder aimed at helping customers find free third-party discount cards to lower their costs for prescription medications.
The pharmacy chain said the tool also provides customers with transparent pricing so that they know what a drug costs before they reach the checkout counter. The Rx Savings Finder tool is free, with no subscription or membership fees, and can be downloaded from Walgreens’ website.
According to Citi, the new Walgreens tool could have a negative impact on GoodRx (NASDAQ:GDRX), which offers a similar service, although that impact will likely be limited to areas where Walgreens is the most convenient location to fill a prescription.
Citi said its analysis of the tools found that while Walgreens’ Rx Savings Finder was able to find cheaper prices than GoodRx’s card for the top ten generic drugs available at Walgreens pharmacies, GoodRx’s card still beat Rx Savings Finder 70% of the time for drugs available at other stores.
Cit added that GoodRx also “maintains a strong and growing relationship with WBA,” signing a contract with the pharmacy chain for around 200 medications in September.
“We think that GDRX will continue to be an important relationship for WBA as the direct contract gives WBA the flexibility to drive demand for specific drugs,” Citi said.