Skin Medicinals Announces $200 Million in Savings to over 450,000 Patients

--9,200 dermatology prescribers now use the tech platform to improve affordability and accessibility for skincare prescriptions--

NEW YORK--(BUSINESS WIRE)--Skin Medicinals today announced that over 9,200 dermatology prescribers have joined its platform, saving millions of dollars for over 450,000 patients. Combatting years of escalating drug prices, dermatologists have started fighting back by using technology to greatly reduce the high costs pharmaceutical companies charge for medicines that treat common skin conditions including hair loss, eczema, and acne. Skin Medicinals allows doctors to prescribe their dermatology patients custom compounded medications or generic medications at a fraction of their list price. After reviewing average retail prices, sourced from the GoodRX website, and based on the cost of commonly used primary active ingredients, Skin Medicinals is excited to announce it has crossed $200 million in healthcare savings to patients--and the healthcare industry as a whole.

“We’ve succeeded by always keeping our patients’ best interests at heart and using a small team with minimal spending on marketing,” said Skin Medicinals founder Dhaval G. Bhanusali, MD FAAD. “This is a wonderful example of a field coming together to help improve patients’ lives. Skin Medicinals was created to provide prescribing doctors greater access to generic medicines at a fraction of the normal price while also giving them the ability to compound ingredients when custom formulations are the best way to treat their patients. We’re very proud of the phenomenal growth this platform has achieved, which has been made possible by the support of our peers.”

Skin Medicinals was created in response to the many rapid spikes seen in established medication prices. Dermatologists agreed that there must be a better way to treat their patients without asking them to break the bank. For example, there were reports recently of a medication that skyrocket in price, going from approximately $225 to almost $10,000. Through Skin Medicinals, dermatologists are able to utilize two of the active ingredients in a custom base for just $45, much less than a similar name brand formulation might cost. Even though many insured consumers need to pay only the co-pay for prescriptions, exorbitantly priced medicines still exact a hefty toll within the pharmaceutical and healthcare industry, costs which eventually get passed down to consumers through higher insurance premiums and deductibles.

“These are precisely the ‘bait and switches’ that have become all too common in healthcare. More transparency around the fact that a $20 co-pay could cost patients thousands of dollars over subsequent years would help create a more sustainable healthcare industry overall. Excessive drug prices are considered one of the biggest categories of over-spending in healthcare in the U.S.,” notes Dr. Bhanusali.

“Skin Medicinals has been a great asset for my patients and helped me bring them treatment options at a fraction of the price they’d otherwise pay,” said dermatologist Gilberto Alvarez, MD. “I’ve appreciated all that they’ve done for our field.”

As one of the fastest growing pharmatech platforms today, Skin Medicinals continues to advocate for greater affordability for patients. The platform was developed by Dr. Bhanusali to create a fairer and more equitable healthcare system. Its compounded medicines start at just $24 and require no insurance. While the platform plans to explore different verticals, serving the field of dermatology and its patients remains Skin Medicinal’s primary focus.

Media:
Berns Communication Group
Alissa Heumann/Sharika Tharani
aheumann@bcg-pr.com/stharani@bcg-pr.com