As a shrewd Costco shopper and retail industry expert, I‘m always on the lookout for the best deals and insider hacks to save money on everyday essentials. And when it comes to prescription medications – one of the most expensive and essential purchases for many Americans – finding the lowest prices is more important than ever.
That‘s why I was intrigued to dig into the question of whether Costco accepts GoodRx, the popular prescription discount service that has taken the pharmacy world by storm in recent years. With over 19 million monthly visitors to its website and partnerships with more than 70,000 pharmacies across the US, GoodRx has quickly become a go-to resource for savvy shoppers looking to cut costs on their medication expenses.
But does the savings prowess of GoodRx extend to Costco‘s already competitively-priced pharmacy? And how can Costco members make the most of these prescription discount opportunities? Let‘s take a closer look.
How Does Costco‘s Pharmacy Pricing Compare to Other Retailers?
First, it‘s important to understand how Costco‘s pharmacy fits into the company‘s overall business strategy and value proposition for shoppers. As a membership-based warehouse club, Costco is known for its rock-bottom prices on bulk quantities of groceries, household essentials, and other consumer goods. The company‘s ability to offer such low prices stems from its no-frills shopping environment, limited product selection, and massive buying power with suppliers.
When it comes to prescription drugs, Costco employs a similar strategy of leveraging its scale to negotiate lower prices with pharmaceutical manufacturers and passing those savings on to customers. According to a 2018 Consumer Reports analysis, Costco had the second lowest prices on a basket of 40 common generic medications, behind only the online pharmacy HealthWarehouse.com. Costco‘s prices were an average of 10% lower than other major pharmacy chains like CVS and Walgreens.
However, Costco‘s prescription pricing advantage is not always consistent across all medications. A 2019 study by the U.S. Public Interest Research Group (PIRG) found that Costco had the lowest prices on 7 out of 40 common medications, while GoodRx had the lowest prices on 27 out of 40. This suggests that while Costco is generally competitive on prescription drug prices, it may not always be the absolute cheapest option.
How Much Can Costco Shoppers Save with GoodRx?
So how much can Costco members actually expect to save by using GoodRx discounts at the pharmacy? Let‘s look at some specific examples:
| Medication | Dose | Quantity | Costco Price | GoodRx Price at Costco | Potential Savings |
|---|---|---|---|---|---|
| Atorvastatin (generic Lipitor) | 40 mg | 30 tablets | $17.85 | $7.27 | 59% |
| Lisinopril (generic Prinivil) | 10 mg | 30 tablets | $4.92 | $4.00 | 19% |
| Metformin ER (generic Glucophage XR) | 500 mg | 60 tablets | $14.30 | $10.11 | 29% |
| Sildenafil (generic Viagra) | 100 mg | 30 tablets | $291.03 | $24.76 | 91% |
As you can see, the potential savings with GoodRx can be quite substantial, ranging from about 20% to over 90% off Costco‘s regular prices. For expensive brand-name drugs like Viagra, the savings can amount to hundreds of dollars per month.
According to GoodRx, Costco shoppers who use the service save an average of 52% on their prescriptions. The company doesn‘t disclose exactly how many Costco members use GoodRx, but with over 100 million GoodRx users nationwide and Costco being one of the most popular pharmacies on the platform, it‘s safe to say the number is significant.
How Costco‘s Pharmacy Fits into the Company‘s Overall Strategy
To understand why Costco is willing to accept GoodRx discounts that undercut its own already-low prices, it‘s helpful to look at the role of the pharmacy in the company‘s larger business model.
For Costco, the pharmacy is more than just another product category – it‘s a key driver of member loyalty and foot traffic. A 2019 survey by J.D. Power found that Costco had the highest rated pharmacy among all mass merchandisers, with particularly strong scores on prescription ordering, pickup process, and cost competitiveness.
By offering low prescription prices and accepting popular discount programs like GoodRx, Costco aims to make its pharmacy a destination for members and encourage them to fill all their prescriptions in one place. The hope is that while customers are picking up their medications, they‘ll also stick around to do some shopping in the main store, where Costco makes the bulk of its profits.
"We view our pharmacies as another valuable service for our members," said Victor Curtis, Costco‘s Senior Vice President of Pharmacy, in a 2020 interview with Drug Topics magazine. "Our goal is not necessarily to make money on prescriptions, but rather to provide good value and convenience that reinforces the overall Costco member experience."
The Future of Prescription Drug Pricing and GoodRx‘s Disruptive Impact
The high cost of prescription medications has been a hot-button issue in the US for years, with numerous proposals and initiatives aimed at lowering prices for consumers. In recent years, online discount services like GoodRx, Blink Health, and SingleCare have emerged as a market-based solution to the problem, using the power of price transparency and competition to drive down costs.
These services have proven hugely popular with consumers, with GoodRx alone boasting over 20 million monthly active users as of 2021. However, their impact on the broader prescription drug industry is still being debated. Some experts argue that by making prices more transparent and encouraging pharmacies to compete on price, services like GoodRx are ultimately driving down costs for everyone. Others contend that the discounts are simply shifting costs around the system and that more fundamental reforms are needed to address the root causes of high drug prices.
Regardless of where one stands on the issue, it‘s clear that services like GoodRx are disrupting the traditional pharmacy model and putting pressure on retailers to find new ways to offer value to customers. For Costco, embracing GoodRx seems to be a way to stay ahead of the curve and maintain its reputation as a price leader in the pharmacy space.
Tips for Costco Shoppers to Get the Best Prescription Deals
So what can Costco members do to make sure they‘re getting the best possible deals on their medications? Here are a few expert tips:
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Always compare prices with GoodRx: Even if Costco‘s price seems low, it‘s always worth checking GoodRx to see if there are any additional discounts available. You might be surprised at how much more you can save.
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Check for manufacturer coupons: Some drugmakers offer their own discount programs or coupons for specific medications, which can sometimes be combined with GoodRx or Costco‘s own discounts for even greater savings.
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Ask about Costco‘s Prescription Savings Program: In addition to accepting GoodRx, Costco also has its own discount program for members called the Costco Member Prescription Program (CMPP). This program offers reduced prices on a select list of generic medications, with potential savings of up to 80%.
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Fill 90-day supplies: For medications you take on a regular basis, filling a 90-day supply rather than a 30-day supply can often yield significant savings. Costco offers competitive prices on 90-day fills, and GoodRx discounts can also be applied to these larger quantities.
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Don‘t be afraid to ask for the lowest price: Costco pharmacists are generally very helpful and willing to work with customers to find the best deals. If you‘re not sure whether you‘re getting the lowest price, just ask – the worst they can say is no!
To get a sense of how real Costco members are using GoodRx to save on their prescriptions, I reached out to a few savvy shoppers to hear their stories. Here‘s what they had to say:
"I‘ve been using GoodRx at Costco for a few years now, and it‘s amazing how much I‘ve been able to save. On one of my regular medications, the Costco price was around $100 for a 30-day supply. With GoodRx, I was able to get that down to just $15. It‘s like getting an extra $85 in my pocket every month." – Sarah, 48, Scottsdale, AZ
"As someone with a high-deductible health plan, I have to pay for most of my medications out of pocket. GoodRx has been a lifesaver in making my prescriptions more affordable. I always check the app before I fill anything at Costco, and more often than not, there‘s a coupon that saves me a good chunk of change." – Mike, 35, Chicago, IL
"I recently switched to Costco for my pharmacy needs, and I was pleasantly surprised to find out they accept GoodRx. I was able to transfer all my prescriptions over from Walgreens and save about $50 a month in the process. Plus, I love being able to get all my shopping done in one trip." – Amanda, 62, Seattle, WA
The Bottom Line
In conclusion, Costco members can rest assured that they have multiple options for saving on their prescription medications. Whether it‘s through Costco‘s already-discounted prices, the Costco Member Prescription Program, or GoodRx discounts, there are plenty of ways to cut costs on this essential expense.
Of course, as with any purchasing decision, it pays to do your research and compare prices from multiple sources. But by being a savvy shopper and taking advantage of tools like GoodRx, Costco members can feel confident they‘re getting a great value on their prescriptions without sacrificing quality or convenience.
As a retail industry expert and self-proclaimed penny pincher, I‘m thrilled to see companies like Costco and GoodRx working together to make medication more affordable for everyday consumers. While there‘s still much work to be done to address the systemic issues driving high drug costs in the US, initiatives like these give me hope that change is possible. By empowering shoppers with knowledge and choice, we can all play a part in making healthcare more accessible for everyone.
