Startup Oration Simplifies Shopping for Prescription Drugs
This type of pricing transparency in the prescription medication business has not been made available previously.Oration, a cloud-based startup whose service has nothing to do with speechmaking but everything to do with efficient shopping for prescription-based medications, launched a mobile platform for its users on Dec. 16. The Foster City, Calif.-based company, which is focused on helping enterprise employees through their health care insurance plans, introduced OrationRx, which it positions as a software service that enables employees to manage prescriptions, purchase the cheapest drugs and improve the pharmacy experience from beginning to end—all from their mobile devices. This type of pricing transparency in the prescription medication business has not been made available previously for corporate employees. LowestMed, for consumers only, was launched in 2012. The platform uses a layer of business intelligence that identifies prescription prices and availability in a geographic area. It then enables patients to choose and order them on the spot, saving themselves and their employers both time and potentially thousands of dollars each year, the company said.
About $370 billion is spent annually for prescription drugs in the U.S. alone. According to Express Scripts, $93.1 billion of prescription drug spend could have been saved if patients had price-shopped between pharmacies, the company said.