Santa Monica-based GoodRx Holdings Inc. late last month launched a prescription drug cost tracker that it hopes will shed some light on trends in the costs of prescription drugs and, coincidentally, boost its profile.

The cost-tracking service “will monitor out-of-pocket prescription spending trends in the U.S. to help Americans better understand prescription affordability and price transparency,” according to the June 26 announcement.

The service, which GoodRx said will be updated regularly with the latest cost data, is designed to illustrate the three main drivers of unaffordability of prescription medications for patients: high medication costs, reduced insurance coverage and reduced availability of – and access to – medications.

“Despite efforts by policymakers and industry leaders to break down affordability and accessibility barriers, a patient’s actual out-of-pocket cost continues to increase and is often a huge surprise to them,” said Scott Wagner, GoodRx’ interim chief executive.

“With our new prescription cost tracker, we aim to provide an easy-to-understand, continuously updated resource that will help aid in the fight for lower costs for all,” Wagner added.

Assuming that the data and trends get cited by media and policymakers, that in turn could serve to boost GoodRx’ profile.

On the medication cost side, among the tracker’s initial round of findings:

• $21 billion has been spent out-of-pocket on prescriptions so far this year;
• $16.26 average out-of-pocket spent per prescription; and
• A 37% increase in list price for all prescription medications since 2014

“Policymakers and pharmaceutical manufacturers are making efforts to improve medication access and affordability, but costs continue to be a significant burden for many,” the announcement said.

The administration of President Joe Biden last year announced it was beginning price negotiations on 10 drugs covered by Medicare Part D, with a target date of 2026 for the negotiated price reductions to take effect. Negotiations between drug manufacturers and the Centers for Medicare & Medicaid Services are supposed to wrap up this summer. If any delays occur, the negotiations could extend beyond Biden’s current term in office.

On the insurance front, the tracker’s initial findings included:

• 25% of Americans have at least one prescription not covered by insurance; and
• 50% of medications that are covered by Medicare have an insurance restriction, such as prior authorization.