All right. Good morning, and welcome. I'm Whitney Notaro, Vice President of Investor Relations, and I want to welcome you to GoodRx's first-ever Investor Day. Our team is incredibly excited to be here with you all today, and we have a lot to cover in terms of how we have grown and evolved our business. Today, you'll hear from a number of senior leaders from across the business on topics including an overview of our market, business model and strategy, as well as our growth opportunities. Midway through the morning, we'll have a short 15-minute break after the Manufacturer Solutions section, and then following the presentation, we'll have a Q&A session. We encourage you to submit questions throughout the day using the QR code on the back of your name tag. If you're joining us via the live webcast, please use the platform to submit your questions as well.
Before we jump in, let me summarize our disclaimer. I'd like to remind everyone that our presentation will contain forward-looking statements. All statements made that do not relate to matters of historical fact should be considered forward-looking statements, including those referenced here on screen. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors, which may cause our actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. These factors are detailed on this slide and in our filings with the SEC. Any such forward-looking statements represent management's estimates as of the date of this presentation, and we disclaim any obligation to update these statements, even if subsequent events cause our views to change. In addition, we will be referencing certain non-GAAP metrics in today's remarks.
We have reconciled each non-GAAP metric to the nearest GAAP metric in our supplemental materials, which are available on our investor relations website at investors.goodrx.com. A replay of today's webcast and presentation will also be made available there following the conclusion of the event. I'll now turn it over to Scott Wagner, our Interim Chief Executive Officer, to kick things off.
Thank you, Whitney. Thanks, everybody. It is, it's great to be with everybody today. Thanks to those of you who have gathered live in person and for those of you on the webcast, appreciate you taking the time to watch. This is an exciting time to be at GoodRx. I had about six people come up to me just before this and say, "Thank God, you're doing this. This is overdue. I look forward to you guys having the time to lay out your story." So thanks for taking the time to do that with us. I'm looking forward to not just me, but the team, talking about our business and sharing the progress we've made over the last year and what it's going to allow us to do in the years to come.
Before we just jump into the material, quick background on me, for those of you who don't know me as well, a couple of you do. I spent 12 years at KKR, the big private equity firm, a while ago, and was one of the leads of their operating team, where I worked with a bunch of the KKR portfolio companies. Way back in 2011, I stepped in as the interim CEO of GoDaddy and liked it so much that I decided to stay for its second act. While I was there, we built out the product portfolio, expanded the company around the world, shifted the brand and how we went to market, and, turns out, that more than tripled revenue during the time that I was there at over $3 billion.
And, you know, along the way, we took the company public, and it grew in value from $2 billion to a little over $13 billion. So it was a nice run, and several of the investors in GoDaddy are also in GoodRx. And when the GoodRx board called me about 15 months ago and asked me to get involved, I was intrigued. And the reason I was intrigued was a little bit of the personal relationships with some of the same people, but it was really because I was and am a GoodRx customer. One of my kids has eczema. If anybody has that, you know it's like this myriad of different medications and an ongoing situation you have to deal with.
My family and I have absolutely been at the point where I've rolled into a Walgreens, hit the counter, and they said, "Oh, that'll be $2,000." And my reaction is, "Whoa, wait, wait, what?" Right? Or, you're on step therapy, and things are required for a whole bunch of authorization, and I've spent hours badgering doctors and pharmacists about how to get on the right medication. And GoodRx has helped me and our dermatologist solve some of these problems. So I get the problem, and I know how this company helps fix it.
So in terms of coming in here, I said, "All right, I'd think about it." And over a couple of weeks of digging in with the company, talking to a couple doctor friends of mine, actually watching pharmacists work behind the counter, and see everything they have to do, I came away with a couple of impressions. First of which is that GoodRx has a really valuable role in healthcare. It helps people, it's important, and it's certainly appreciated by patients and particularly doctors. Second, is that at the time, there was a whole bunch of noise about channel, retail, PBMs. To me, that seemed fixable, and hopefully, everybody here saw the press release today that, one big retail partner, and we, Kroger, will talk about this a little bit more, but are digging in and partnership again together.
And so it's a nice sign that I think those things are absolutely fixable. And the third impression I had was that, man, there is just a ton of friction in this whole pharmacy system, that to me, just struck me as an opportunity. Now, that was based on more instinct than fact, but it just seemed like there was a lot to work with here. So, I said, "Hey, I'd love to get involved because there's a core value proposition that matters here. I believe in the mission. I've seen this company work," and I did know and think that I could really help.
And so if you think about a year ago, there was certainly uncertainty, people in the company about our priorities, what the direction of the company, where we were going, and amongst the investor community about, hey, what's the growth and profit trajectory of GoodRx? As I stand here today, after a year, I've got a ton of confidence that GoodRx's value proposition is not only strong, but it's actually really durable. That we're not only working on the right things, but we're making a hell of a lot of progress, and I hope after today, you're going to agree. And I think there's reason for all of you as investors to be excited about this company at this moment in time, immediately in the short term, and then also over the long term. So hopefully, after a couple hours, you're gonna feel similarly.
But before getting into the content, I'm gonna share a handful of themes that I hope you guys all walk away from today with. First theme, this need for affordable prescriptions is a huge one. It's growing, and there's a bunch of fundamental trends in the market that I think are gonna persist. Second big theme, GoodRx is absolutely the go-to platform for people, consumers, and doctors, and we're gonna use the word healthcare professionals and an acronym of HCP, but to go find affordable prescriptions. We've spent the last decade building out the GoodRx brand. We've become the leader in really prescription affordability. We're gonna share our Net Promoter Scores for both consumers and doctors, which are really almost off the charts good, but again, it just reflects the value of what we do. Third big theme, our model.
Our position in this value chain matters a lot, and it's important. There's been a lot of noise, I think, over the last year to that effect. Now, I think you're gonna hear and see that we've really transitioned to something that's quite durable, that balances pharmacy and PBM economics. And again, this Kroger agreement that we just announced is a great reflection of that. You know, the work that we've done to strengthen our retail network over the last 18 months, it's just, it's bearing fruit. You're seeing it happen right now, and it's gonna set us up, honestly, for the long term for this business, and not only the next couple quarters, but the years to come. Fourth big theme, there's a bunch of different growth avenues that we've got with some real runway. Pharma Manufacturer Solutions, it's kind of a mouthful.
What it really means is GoodRx's value proposition to brands. Over four years ago, this was just an idea. Today, it's a $110 million business that works with 150 brands, that's got real distinct value for brand manufacturers that I think's got a heck of a lot of trajectory. Extending GoodRx to B2B, which Integrated Savings that everybody's gotten really excited about. We're in the super early innings there, but it's just another avenue to bring GoodRx value to the world. Fifth big theme, these priorities that we've been working on, look, they're showing up. I think they're showing up in the financials. We're gaining momentum and revenue in adjusted EBITDA profitability. And as we grow, particularly on revenue, you're seeing high flow through to cash, right?
That if you look at our financial trajectory, we're really on pace kinda to get to Rule of 40, if not in 2024, then certainly in 2025, with obviously, the ability to go beyond that, if and as some of our revenue accelerators kinda come and hit. And Karsten's gonna talk about our trajectory and our numbers later on today. Last big theme, there's things that we can do with our position and value prop that are on the back of what we're working on today. So what does that mean? As we solidify retail, bring brands and retail together, it opens up a whole another realm of possibility that we can do that aren't in our model, but can build as almost a second act for the company and get to upsides beyond.
So we'll hit on some of these things that aren't in our numbers, but it'll give you a picture about where this business can go. Six themes, hopefully everybody takes those away when we're all done in a couple hours. I'm gonna start and just ground, not GoodRx, but back to the market. What, what is the healthcare context that we operate in? What's our value proposition? Just a couple fundamentals. Highest level, first, prescriptions, it's a big deal for a lot of Americans. There's over 6 billion, 30-day equivalent scripts in the U.S. on an annual basis. Half of all U.S. adults take scripts regularly, take medication regularly. One in five, 20% of us, take multiple medications daily. It's a big deal. These scripts add up to a market of $600 billion.
Now, unfortunately, or just statement of fact on that $600 billion, it's healthcare. So the underlying thing is, who pays, right? Well, recently, as us, people, patients, with prescription medication, the question of who pays is, kinda confusing. It used to be, we know exactly who it is. Now, the question is, I'm not sure, 'cause healthcare is often paid for by insurance. But as we know, there's a whole bunch of plan design changes that's shifting the cost burden or the access burden onto us as patients, and this is really the context in which we operate. There's three big benefit trends that I think are really the tailwind for GoodRx and our fundamental value proposition. The first is, plans have more formulary exclusions. These are drugs not covered by your plan.
These have been up 37% over the last several years. Second big trend, more utilization management or step therapy is required just to get access to a medication. Step therapy up 45% over the last several years. Final big trend, more patient co-pay at a substantial amount. The number of people who pay over $250 out of pocket for a script, up over 40% over the last several years. More friction, higher cost, less coverage. Here's how these things actually kinda play out into what happens to scripts in the system. Formulary exclusions. So the three big PBMs on an average plan exclude 650 drugs from their formulary. And remember, that's an average number, so you've got this kinda crazy distribution depending upon your plan mix.
So in 2023, uncovered drugs resulted in patients walking away from the counter on an uncovered drug 60% of the time. Me with that $2,000 eczema script, if you didn't have another option in hand. Same analogy applies to all these prior auths and step therapy things in the system. The burden for that primarily falls to doctors and everybody in the office and actually the pharmacist. There's a ton of work. So in 2022, people found that on average, an HCP office or primary practice spends 14 hours a week just dealing with prior auth. Just prior auth and all the admin. It's an enormous time sink and burden. Even so, people walked away from the counter with prior auth scripts 40% of the time.
So when drugs aren't covered, you just see this big, swirling mess of communication between people, doctors, pharmacies, payers. People have to switch medication, or they just end up not filling. So there's a ton of friction, but here's the big, you know, the big wow of what it means for the script system. There's just a ton of scripts that aren't filled. So over 900 million scripts last year are just left at the counter. It's nearly a billion scripts, and that number's up over 56% since 2018. So it's certainly a problem for the health of people, right? Consumers like us, but it's also just bad for the system in general. So all those scripts that aren't filled, that implies there's $90 billion of lost revenue for the system, and guess what? That's where GoodRx comes in.
It's filling that friction and filling that gap, and we're helping Americans getting, getting affordable medication, in a convenient way. We work with all the constituents in the value chain to really help this whole system work. Now, I'm gonna step back on our business and talk about it in a couple different ways. So at the highest level, GoodRx does three things. The first is, we take this brand that people know and love, and, we use it to drive consumer traffic to retail. The second is, we power this marketplace for generics and increasingly for brand drugs, to create not only affordability, but also transparency, which obviously gets savings, for people and helps out with all those lost scripts.
Third is we reduce system friction, which at its highest level, helps adherence, helps the system, and gets people on better medication and healthier lives as a result. Let me hit each of these really quickly, beginning with demand. GoodRx has invested in its brand over time. We think we built our brand to be absolutely the leading place for people in affordable medication. I think the market would agree at this point on some of the measures of awareness and Net Promoter Scores. That's an investment that we're certainly leveraging today that really can't be duplicated by most, if not all, of the people who kinda do what we do. You know, our studies show that our brand has more than 70% awareness with people, consumers, and over 90% awareness with healthcare professionals. Pretty big numbers.
We use this brand to generate demand. People hook on to consumer direct advertising, but really, there's a big effort, and where the magic happens is at the doctor's office, that we have a bunch of unique ways that we tie ourselves and present ourselves with docs, and through our partners in the channel, whether they're payers or retail. We reinforce this brand with our product, our data and what we can do to talk to our consumers over time. There's a real flywheel effect on not only how we generate demand, but how it works in the system. What that does is pay off in usage and people. So in 2023, we had 350 million visits across our website and app.
Over 70% of those gains are organic, and if anybody, you know, knows consumer internet and, you, you know that over 70% organic traffic is a hell of a number. These numbers don't just show up by accident. It's that we work, and what we do matters a lot to people. And if you think about our marketplace, it's got two components to it. The first is the core marketplace itself, which we're aggregating prescription demand through our contracts with retailers directly and a set of PBMs, getting people pricing benefit. The second is where we're actually working directly with brand pharma, and partnering with them to run programs to get a benefit on brands and presenting them through the GoodRx offer.
For those of you who are deep in pharma land, the two ways that we do that are, number one, co-pay programs and special assistance programs with brands. We embed those into the GoodRx workflow. The second is for a set of brands where pharma actually wants to hit a better price point. We allow them to buy down the price of the drug on GoodRx, and that savings is presented to the consumer. It's sort of bringing consumerism to this crazy prescription world. And we're gonna talk about both of those areas in a lot more detail. So an important contextual point for us is across the ecosystem of healthcare, we really do help people win on a whole bunch of levels. So consumers win when they work with GoodRx, obviously, because you save money.
Healthcare professionals win because they get patients on the medication they need, and it reduces their administrative burden. Pharmacies win because they get new consumers, reduce friction at the counter, and certainly keep people from walking away from those 900 million scripts that are sitting there that they can't afford. Pharmaceutical manufacturers win and can really win by getting people to not only take their brand medications, but create a way to make it really accessible for people. Payers win by having a healthier patient population, and PBMs win because they gain incremental volume through the marketplace beyond their covered lives. So we work, we save people money, we reduce friction for the system. Now, I recognize that every single one of those people in the value chain or constituents all line up together in healthcare.
But in terms of GoodRx's position, we really do create ways to make each of these things better in the system. And as a technology business, our product and our tech stack sits on top of this to make things easy and presentable, not just for us as people, but again, across the whole system, from the doctor's office to the pharmacy counter to save. And there's an important point on how everything rolls and works, which is this business actually works quite a bit with refills, excuse me. That most of our consumers come back, and our technology around the GoodRx coupon is really a pharmacy transaction routing. In our lingo, it's called a BIN, and when somebody fills a script with GoodRx, the refills fill with GoodRx too.
So what that means is over 80% of our scripts carrying are refills, which is a nice business model point that I think sometimes is, I wouldn't say lost, but, maybe it doesn't come through as well. So, that's kind of the business broadly. And now a shift to our revenue and how we make money, which is a question when I came in that my mother, my friends, everybody said, "Hey, I know GoodRx. That's cute. How in the world do you make money?" So at its simplest level, the very nice thing about this company is that our revenue actually aligns with the value we create, which again, isn't always the case in healthcare. So we have three big blocks of how we make money. The first is claims-based revenue, which shows up as prescription transactions revenue in our financial reporting.
What this is, is when somebody comes into GoodRx, they fill a drug, we make money. So if you think about 100 million script fills a year used with GoodRx, and we make a little more than $5 a fill, that gets us to about $585 million of script-related revenue. Again, related to the savings we create. The second revenue stream is subscriptions, which is GoodRx Gold in terms of our product offering and our lingo. And again, this shows up in our financials as subscription transactions revenue. Here, these are for people who take multiple scripts a month, usually. They pay a subscription fee for access to great savings, but also for convenience features like discounted telehealth, free home delivery, and a dedicated concierge support team. So it's a flat revenue model.
It's a $10 per month fee. In the coming year, it's about $85 million in revenue. So claims-based scripts, subscriptions, and then the third, for brand drugs, is we actually work directly with pharma across both access and media. And the simplest way from a revenue standpoint to think about it is the number of brands we work with and the amount of money brands pay us. And so in the current year, we have approximately 150 brands today at about $750,000 per brand. As you might imagine, there's a curve around $750, but that's the average, and that leads to $110 million in revenue direct from our work with brands.
When you add in $20 million from other, which is primarily telehealth, this aggregates up to our $80 million-$110 million of our expected revenue for the year. And again, I go through that not to give precise guidance, but more just to answer the broad question for people of, "Ooh, how do you, how do you, how do you make money?" But I think the most important point is, again, man, that all aligns directly with the value we create. And so the business model revenue, nice. But what really drives these numbers are kind of the following: We serve 25 million people a year. It's a pretty sizable user base, and those 25 million people fill 100 million scripts. 100 million is a decent-sized number that leads up to $15 billion of savings.
25 million, 100 million scripts, 15 billion of savings. And over the life of the company, we think approximately $75 billion have been saved just via GoodRx. Stuff doesn't just happen by magic or accident. There's just real value at the core of this company. I have seen in my days a lot of companies, though, throw out big numbers, big user base, a lot of volume, but there's no real emotion when you actually talk to their customers. And now that I've been in the company for a year, and it's kinda what I look for in businesses, is actually, is there some real power behind what they do? And that is the special thing about this company.
When you talk to people, the doctors, their real words, show, you know, not only the value of what we do, but how much it matters. So, we're gonna throw a real quick video of, you know, real people, real doctors, just briefly talking about GoodRx.
Between everybody in the house, we probably have over 30 or 40 prescriptions.
GoodRx, it was a lifesaver for me. It was the only way I could have afforded my medicines.
I absolutely would recommend GoodRx. It's simple, it's easy, it's an app.
Thanks to GoodRx, I'm saving over $3,000 a month.
GoodRx delivers cost transparency to providers of all specialties.
Thank you, GoodRx. Your app and your company is life-changing, and I see the result on my patients.
I just wanna say thank you to GoodRx. I've seen people save hundreds on their medications.
If I had one thing to say to GoodRx, it would be thank you.
Yeah, you know, one minute little video. I'd encourage people, if you actually wanna hear the words, go in and read app reviews. You know, they're telling, w e don't manage them at all. They're not all, they're not all perfect, but there's, you know, there's real depth to how people see us and value us. And these are the kind of things what a 74 consumer Net Promoter and an 84 healthcare professional Net Promoter Score actually look and sound like. I wanna share a little bit of data and some highlights on our user base itself, the 25 million people we serve. There's frankly a cool point that about the company, which is we serve a pretty broad audience and condition mix. Over 90% of GoodRx consumers or users have insurance.
90% of people have insurance. Back to how I started, remember, this is a complement alongside and filling insurance, not something, you know, in substitution of. We're filling the gaps within the system that exists today. In the middle, you see we actually work across a broad range of conditions, which actually match pretty closely to the most common conditions in the US. And on the HCP side, you can see the top specialties, with over 750,000 doctors actually visiting our either site or app in a given year. And as kind of a data-driven marketing guy, across the years, there's two things that I wanna call out to everybody coming off this page.
The first is, there is this broad service level that goes back to our brand value proposition and how important that is and how much, you know, that matters in terms of attracting people just to the platform itself. But then the second is actually diving really deep on where we add a lot of value. Because if you take somebody's insurance, their condition, and, you know, their drug mix, you can get super precise about how valuable we are to them. And we're really starting to leverage this combination of breadth and high value in a powerful way within our marketing team. So we're gonna go into that a little bit more detail, but we're kinda starting to cook with gas on both of these fronts. So when you do something valuable for a large amount of people, you know, you grow.
Over the last five years, this discount segment, for lack of a better term for it, has grown at a 10% CAGR, which is about four times the overall rate of prescription unit growth. We, as GoodRx, are obviously the leader in the category. You know, we're multiples beyond other people who do what we do, and we've certainly been growing, and over the last year, we've returned to growth and are certainly growing as we're making retail pharmacies our partners and incentivizing them to work with GoodRx. And this growth, I shared a couple of these stats earlier, but, if you look at the trajectory, by 2023, there's 350 million site visits across the website and app. Over 70% of those are organic.
On a claims basis, one can see the steady growth, where if we exclude Kroger over a five-year period of time, you can see the steady progression of claim growth. And obviously, the light bar of Kroger certainly had an inflection point, you know, 18 months to 24 months from now. It's probably a good time to say it's really nice from the announcement today to be partnered again with Kroger, that we're, you know, frankly, doing business hand in hand together again. Now, you know, those of you immediately are saying: "Okay, tell me how big that's gonna be and what's gonna happen?" And probably the right answer is, well, the little bar two years ago, that was almost 20% of our claims, and then this year, where there was almost no bar, it's probably gonna be somewhere in the middle.
It would be really nice for Kroger, uh, and we to, you know, go hand in hand and frankly, just capture each of our fair share of prescription volume, which is kinda how we, how we think about it. But we're really excited to have this agreement in place with Kroger about what we can do together. So to think about our TAM, when we think about growth and opportunity, there's 100 million scripts. It's a big number, but it's still only 2% of the scripts today. Obviously, not all of those scripts are addressable, but I think about, uh, we're still only about 10% penetrated with the directly addressable scripts.
If you think about the discount card segment that exists today, capturing 5%-10% share of insurance scripts via ISP or its various forms, and a very modest share of scripts that go unfilled at the pharmacy counter, you get to, you know, still us sitting somewhere around 10% penetrated with just that addressable opportunity, which if you translate that into dollars, it's about a $6 billion SAM or a directly addressable revenue market. That number goes up to $13 billion when you wrap in brand pharma. So the big market stats on pharma, pharma spends $19 billion commercializing their drugs. In the pharma section, you know, the rebate number is astounding, where, you know, I'm not even including that here, but just $19 billion commercializing their drugs.
We think about 35% of that is immediately addressable by what we're doing today, which is another $7 billion, which wraps up and says we're about 2% penetrated. The biggest thing, you know, we've all seen these TAM maps, where and how can you go? I think the most important thing, particularly related to brands, is that what we're doing drives scripts, right? The most important thing, all these advertising dollars, theoretically, are designed to get people on medication. We're one of the few places, I think, in the whole pharma ecosystem, where we're actually built to just drive scripts. We're not, you know, throwing content out there and, you know, having a gaggle of low CPM eyeballs that we're presenting to people. We're actually helping the brands drive scripts and drive results.
So, we think there's upside, we think there's penetration into, you know, frankly, both of these TAMs. So market context. Now I'm gonna shift quickly into what have we been doing? What have we been working on over the last year? About a year ago, we as a team kinda honed in on a couple of things designed to do three things. The first was to get our network stable. Retail, have GoodRx presented everywhere in good relation to retail. Now, that's forever work, but I think I could say check. We gotta keep at it, but big effort a year ago. Second was build short-term momentum in the business and actually set the stage for long-term growth. And so there were five things that we've really been focused on.
The first is strengthening our value prop for constituents across, you know, healthcare, with a real focus on retail. Second priority was scaling this Pharma Manufacturer Solutions business or GoodRx for B rands. Third, was actually really working our growing user base and deepening engagement. The fourth is really reducing friction in the system, which is product and tech, but building an end-to-end experience, not just on GoodRx, but starting when you get a script in your hand and delivering it all the way through the counter. And finally, fifth thing was building win-win team and culture and actually putting a lot of time into the team. I'll hit on each of these, but you're gonna get a lot more depth on each one of these from my colleagues and teammates to follow. The healthcare value prop, focus on retail.
I think we've now got a business model that works both with retail and our PBMs. It's compelling to consumers, and it's working. And we think we've laid the foundation, not just for our network to be there, but to actually have it work and work in partnership with retail for the years to come. Scaling Pharma Manufacturer Solutions, solutions for brands. We built a beachhead with brands, but I think we're still in the very early days of what we can do here. I see a bunch of runway here as we not only expand to more brands, but really bring affordability to brand drugs, deepen our relationship with our 25 million users and hopefully grow them to, you know, maybe 35 million plus.
We've got this awesome brand that's known to both people and doctors, and there's some real unlock here as we lean into particularly how and where we work with docs. We got some cool opportunities for how we do this, and we'll talk about that more in the marketing section. Building a frictionless end-to-end experience. This is a technology business, and you're gonna hear a couple areas where our product and our tech stack actually not just creates an elegant experience for us as people, but actually reduces a lot of friction.
You know, and in the digital health world, there's some, there's some crazy stuff out there, and people are often left behind, but we're really leaning into mobile, into how we use data productively, and frankly, how our tech extends through APIs into the participants in the system, that are now gonna not only create a great experience for people, but I think for you as an investor. As we connect retail and brands more effectively, these tech assets that we build are gonna become more and more powerful in the years to come. Finally, team, culture. I'm super proud of the team that's here and are in place. I got asked earlier: How do you feel about the team?
And I said, "I feel great about the team." And I don't say that just because I'm standing on stage here around it. I think this is actually a terrific executive team, and a great group of people at GoodRx. You're gonna see and hear from both a combination of healthcare and consumer technology that's actually kinda hard to replicate. And there's a content depth in this team and a desire to win that I feel great about. And so you're gonna hear from a handful of people today that do represent the whole organization, and I, I think you're gonna be impressed. All right. I'm gonna quickly show how these things wrap to our financial targets that Karsten will go into in a heck of a lot more detail.
All right, since I've been here for a year, everybody's been waiting: "Hey, when are you gonna unveil growth targets?" And today, today will be the day. We're, we're targeting by 2026, over $1 billion in revenue, and at that $1 billion of revenue, we'll, the profit profile of the company should absolutely be able to deliver 35%+. In terms of segment growth, our prescription marketplace over a three-year period, we think that growth rate's gonna fall between 4%-9%, with a bunch of unmodeled opportunities that might push that higher, but again, in terms of the zone of where we see the marketplace, it's kinda how we think it would fall. For Manufacturer Solutions, it's gonna grow faster than the core marketplace.
We're targeting a 20% growth rate over the next three years, that again, as we gain traction, you know, there are things that could absolutely push that up. When you blend those two together, you get, you know, an aggregate profile of 6%-12% for the business, that, you know, is with possible things that could push us certainly to the high end, maybe beyond it. But in terms of just goalposts to think about over a 3-year period, it's kinda the range that, you know, we'd want, we'd want in people's heads. You know, this is a marketplace, so on a quarter-to-quarter basis, right, the growth numbers may bounce around. This isn't a subscription software where you're pretty predictive on how that lands.
So that may flow a little bit, but over a three-year period, with what we have underway, those are absolutely the goalposts that as a team we're comfortable, you know, putting out into the world as a commitment. In each section today, we're gonna go into a little bit in the assumptions about what's in and what's not, and then Karsten will hit some detail on it. All right. Before I bring up my colleague, Mike, just as a quick wrap, it's a good time to be here. The company, as people have told me, has had, you know, there's, i t gets phrased as: Hey, what's the story? Or, where are you? And, you know, there's a value prop that we're delivering that matters. I think the trends that support that value prop are probably increasing.
And there's real momentum in what we're doing, not just operationally, but you're seeing it show up in the numbers. And a nice thing for me objectively is, the things we're doing actually give you the right to grow longer term through other things. And so, it's, you know, it's a good moment in the company, that we're focused on delivering what's in front of us, that hopefully hits for not only a couple quarters, but honestly, for years to come. So, with that, I'm gonna bring my colleague, Mike Walsh, who is the President and EVP of our prescription marketplace.
So Mike's gonna talk you through a deep dive on something that's, you know, been through an evolution, certainly in our shift to retail, what we're starting to do with, with Integrated Savings, but, you know, frankly, just shifting this business and kind of how we sit relative to retail. Mike has been, one of the big architects on this shift. He is a smart, driven guy with a ton of healthcare expertise, and I think as investors, you'd appreciate that he's a certainly analytical, commercial, hard-charging person with a big will to win. You're gonna enjoy, getting to know him. So, Mike, why don't you come on up.
Cool. All R ight. Thank you, Scott. Hello, everyone. I'm thrilled to be here today to talk about our prescription marketplace. By way of background, I've spent the last decade working in healthcare and healthcare technology, specifically around pharmacy, both as a consultant and as an operator. Prior to GoodRx, I worked in Walmart's Health and Wellness business, helping to build and execute their pharmacy strategy. Joining GoodRx was an easy decision for me because GoodRx is a technology-forward company that's focused on helping consumers save money on prescription, a mission that's shared by both Walmart and all of our retail pharmacy partners. Over the last 3.5 years, I've primarily been focused on how we deliver more value to retail pharmacy partners, critical partners of ours in our marketplace. I'm incredibly. Thanks.
I'm incredibly proud of the work that we've delivered, particularly over the past two years, to reorient our marketplace model. I'm excited to talk through the results with you today and some of the future opportunities that we're gonna pursue. Now, let's take an in-depth look at our prescription marketplace, or marketplace for short. As a reminder, this offering delivers discounted generic prescription pricing options to consumers, and we obtain that pricing through two primary methods. The first one is direct contracts with pharmacies, and the second one is contracts with PBMs, who then provide pricing at those pharmacies. We'll get into a lot more detail on how this works later on. First, let me orient you on how we go to market. So we go to market in two primary ways. The first one is direct-to-consumer, and the second one is B2B.
Within direct-to-consumer, the first product that we have is kind of our core claims revenue. This is the product that you're most familiar with. Someone comes onto our platform, enters in a drug, enters their location, generates a coupon, takes it to the pharmacy, and redeems and fills their prescription. In 2024, this business is projected to do about 80% of our total marketplace revenue. The next product that we have in direct-to-consumer is our subscription offering, GoodRx Gold. GoodRx Gold is an extension of our core product, offering deeper discounts and a few other healthcare benefits. In 2024, this is projected to do about 15% of our total marketplace revenue. And then lastly, in our B2B go-to-market strategy, we have our Integrated Savings Program.
As a reminder to all of you, Integrated Savings is simply taking our core pricing and embedding it in commercially funded benefit plans, so that, so that the consumer gets the lower price of their insurance and GoodRx. In 2024, this offering is projected to do about 5% of our total marketplace revenue. Before I get into how our marketplace operates, let's take a quick look at a video that demonstrates how our core product works.
The GoodRx consumer product experience is designed to be simple and easy to use. All a consumer has to do is find their medication, select the form, dose, and quantity they are filling, and then choose the price at the pharmacy they would like to fill at. The consumer then shows their GoodRx app at the pharmacy, and that's it. The drug is filled at the discounted price they chose. Not only that, every time they come back, they'll continue to refill at a discounted rate.
By using the GoodRx app, consumers can track their medication and refill reminders with our digital Medicine Cabinet. They can also earn rewards points every time they fill their prescription with GoodRx. These points can be redeemed for gift cards and deeper discounts on their prescriptions. These are just some of the ways GoodRx helps consumers stay healthy and adherent. We make it simple to afford your medications.
All right. So as you can see, we strive to create a simple and easy-to-use, value-add experience for our consumers to drive repeat use. Now, let me revisit what Scott talked about earlier in terms of how we make money. In our, in our marketplace, we make money in two principal ways: claims-based revenue and subscription revenue. I'm gonna talk about claims-based revenue now and walk through a detailed example, 'cause I know most of you are probably wondering: how do all these unit economics actually work? So let's, let's go through it. Please keep in mind that this is meant to be an illustrative example of how our unit economics are derived and should not be interpreted as indicative of our actual pricing or economics. In this case, GoodRx has negotiated a rate for Augmentin, a form of amoxicillin, directly with the pharmacy.
The consumer in this case does not have insurance coverage for this drug, so if he or she showed up at the pharmacy, the consumer would have paid the retail price of $65. The retail price, or usual and customary price, tends to be quite high because negotiations between pharmacies and payers for medications vary quite a bit. Think about those emergency room bills that you might see, which have a multiple thousand-dollar price tag on them, but your insurance has negotiated them down to a few hundred dollars. That same phenomenon exists in pharmacy. So instead of that $65, they'll pay the negotiated rate between GoodRx and the pharmacy of $20, a $45 discount. So how does the pharmacy make money?
Well, they'll take that $20 from the patient, then they net out the cost that they paid the wholesaler to purchase and distribute the drug. In this example, let's say that's $7. Then, the pharmacy net out about $5, which would be considered the patient acquisition cost that they pay GoodRx for driving the consumer into the store. Their margin on this transaction would be about $8. GoodRx's revenue in this example is the $5 that's the patient acquisition cost. This is an example of a direct contract. In a PBM model, a portion of that $5 would have also flown to the PBM. So, let's zoom out and think a little more broadly. Why would retail pharmacies want to work with GoodRx? Over the years, it's really narrowed in on two key reasons.
The first one is consumer acquisition and reduced abandonment. As Scott mentioned earlier, over 900 million prescriptions are left at the counter every year. GoodRx is a platform that can drive demand into stores and bring in patients that have affordability solutions that allow them to fill prescriptions. It reduces walk away, reduces abandonment, and makes it easy for the pharmacy to treat customers. The second reason is front of store purchases. So as we're driving that traffic into stores, people are buying a lot more than just things at the pharmacy: OTC, general merchandise, grocery. Through internal analysis that we've done and through reviewing external reports, we see on average, consumers are spending about $25 median spend. So they're not just going in for prescriptions, they're going in and filling up that basket with other items.
Going back to what Scott said earlier, it's not just the pharmacy that wins here. We really feel like we've created a strong, powerful marketplace that does drive value across the ecosystem. I want to make it clear that our mission is to focus on delivering savings for consumers, and you'll see a lot of different stakeholders on this page, and Scott kinda mentioned it earlier. Sometimes not everybody gets along in this channel, but the way that we think about it is we are willing to partner with anybody on this page if they are able to deliver savings for consumers. As we go through this presentation today, you'll see us working in a lot of different ways with a lot of folks on this page, but the real mission here is to drive increased savings for consumers and drive our mission.
Okay, let's pivot a little bit and talk about how we're planning on growing our prescription marketplace. So, we're focused on five key areas to grow. The first one, strengthening pharmacy relationships. Next, expanding B2B via Integrated Savings Program. third, enhancing our GoodRx Gold value proposition. Fourth, delivering pricing automation. And lastly, creating meaningful new pharmacy products. We talked about a few of them earlier. There's been a proliferation of non-covered drugs and a slow and opaque in-store experience. Now, let's double-click into how we're gonna work with pharmacies. The retail pharmacy market and industry reimbursement dynamics have continued to evolve. We experienced this firsthand in 2022 when Kroger reduced their prescription volume with us. This experience with Kroger and a lot of the other feedback that we got with some of our retail partners, led us to a critical choice for our business.
Do we continue to march on with the multi-PBM contracting model that had made us successful to date? Or do we evolve our contracting model to evolve with the greater market, and get in line with where the industry is going? And we made a very conscious choice to evolve. And so, as part of this changing model, we are really focused on three key areas with how we partner with retail pharmacies. The first one is having a flexible contracting approach. Retail pharmacies have different needs and business goals, and the last thing you wanna do here is implement a one-size-fits-all model. They're all different, and so being flexible and creative in how you contract is critical. The second one is making sure pharmacies have sustainable margins and maintain profitability.
If we're doing this correctly, pharmacies are growing in a profitable way, GoodRx revenue is growing, and consumers are continuing to save. I can report that through most of the deals that we've done to date, all three of those things are happening. Lastly, long-term agreements. We wanna make sure that we have a long-term, sustainable network that offers broad choice for consumers, and signing multi-year agreements is a key tenet to making that a reality. So let's double-click in and talk about our contracting approach. So in our old model, the way our network worked was the following: GoodRx would contract with PBMs, who then had pricing at particular pharmacies. So there'd be multiple PBMs with pricing at one particular pharmacy. And as I mentioned earlier, this worked, this worked for a long time for us and really made us successful.
However, due to the industry dynamics that I mentioned, we needed to change. In our new model, there's really choices for the pharmacy on how they wanna work with us. In some instances, we have pharmacy partners that have relationships with PBMs in their funded business, and they wanna keep the multi-PBM model with us, and that's fine. If that's what they prefer, we're good with that. However, on the other end of the spectrum, we have pharmacy partners that wanna do direct contracting, meaning 100% of the volume is between GoodRx and the pharmacy directly. Very different. Then, of course, we have some in the middle as well, that prefer what we call a hybrid arrangement, which means they maintain some of their PBM networks, but also have a direct agreement with GoodRx, maybe on a few different therapeutic areas.
So, as I mentioned earlier, this is not a one-size-fits-all model. It really depends on the needs of the retail pharmacy and what business goals they're trying to accomplish. So let's talk about some of the benefits of this new model. They're really apparent when you look at some of the numbers from Q1 of 2024. Our analysis shows that on average, directly contracted claims have higher margin for the retailer. We estimate that direct contracting claims had over 90% higher margin than non-direct claims in Q1 of 2024. And let's talk about GoodRx fees. Even as pharmacies make higher margin, we expect our fee per claim trajectory to remain consistent over the following quarters. And most importantly, in all of this, consumers are still saving, and our value proposition holds. So today, we have direct contracts with seven of our top 10 pharmacy partners.
And when I say direct contract, again, it could mean that we're 100% direct with them, or we have a hybrid arrangement where a portion of claims goes direct. And through all that contracting, over 20% now of our total claims are running through direct contract agreements, which is up severalfold from a few years ago. Scott mentioned earlier that Kroger recently signed an agreement with us for substantially better pricing, designed for mutual growth. And I think this agreement is a really good proof point that this model that I'm talking about is working. So we've talked a lot about strategy and concepts and all that. Let's go through some, let's go through some real-world examples and bring this strategy to life. So, first one: We worked with a national chain pharmacy who wanted to do a hybrid arrangement with GoodRx.
They had a bunch of relationships in their funded book of business that they wanted to maintain in the GoodRx book. However, they wanted to grow in a profitable way. So what we did was, over here, we started with an initial pilot, carved out a bunch of different therapeutic areas, and tried to show them and demonstrate to them that we could grow claims for them in a profitable way. And as you can see from the slide, it worked, because we expanded this relationship with them over time and added more and more drugs to this arrangement. And so I think the results speak for themselves here. Ultimately, when we compare the pilot period against the second half of 2023, GoodRx aggregate revenue grew by over 80%. For the pharmacy, on those direct claims, their estimated pharmacy margin dollars doubled.
And then lastly, always keeping the consumer in mind, the consumers saw about a 20% decrease in the average consumer price at that pharmacy. So pretty powerful results, pretty meaningful to the pharmacy, and again, we're able to do this while growing our business. Let's look at another example. A little bit different. Regional pharmacy, had different needs, wanted to do a fully direct contract, 100% of volume. And really, what they were interested in is, "Hey, I want to structure a deal where we're both winning when we're growing together." So they wanted to align incentives. So we hadn't done something like this before and had to get creative on this deal. And as we rolled it out, I think the results speak for themselves. We're projected, for this particular pharmacy, to improve their annual gross margin by about $27 million.
For us, we're gonna grow our revenue by an estimated $6.5 million on an annualized basis. Now, I know we work with large numbers here in pharmacy, but $27 million in gross margin for anybody in this channel is a big number. And I think these results, and the results I showed on the prior page, are proving that we can really deliver incremental value to our pharmacy partners. So let's take a step back. This is a big change for us. Two years ago, we wouldn't be up here talking about any of this, but we really feel like this is the right change, and it's been long overdue. I want to make it clear that this is not a one-size-fits-all model.
It's gonna be different based on the retail partner, but we think this is the right model to execute on going forward to build that sustainable base in our network to power the rest of our business. All right, let's change gears a bit. There's been a lot of noise in the industry on acquisition cost-based contracting. What is this? What does it mean for GoodRx? What does this mean for retail pharmacies? We get a million questions on this, so I'd like to take some time and address it here. And let me start by saying this: acquisition cost-based contracting is something that GoodRx supports, and we've actually been administering it with retail partners since 2021.
These pricing structures, as you see here, have fixed base costs, i.e., the pharmacy's drug acquisition cost, but they then have variable components around pharmacy fees and patient acquisition fees to GoodRx embedded into the final patient price. Because there may be variable inputs in the total price calculation, GoodRx still has the ability to create pricing variation to adapt to market forces and offer dynamic pricing to consumers. Let me be clear to everyone: price variability can still exist in acquisition cost-based contracting. Let me walk you through an illustrative example of how acquisition cost-based pricing and traditional drug pricing work in practice. Let's take that same drug we talked about a few minutes ago, generic Augmentin. Again, the values shown here are not necessarily indicative of our actual pricing or economics.
In the acquisition cost-based model, let's say the cost to the pharmacy to acquire this drug is $7. That is the baseline fixed cost. Then, the pharmacy adds a fee on top to represent their operating cost and desired margin. In this example, $8. Then, GoodRx adds a $5 patient acquisition fee on top to reimburse us for sending that patient to the pharmacy. These two fees that I just talked about can be variable, meaning that sometimes they could be higher or lower, but would typically average out to a negotiated aggregate rate. Altogether, this adds up to $20 in our example. In a traditional model, pharmacies negotiate off a benchmark called AWP, or average wholesale price.
This is generally a very high price that can be disconnected from the actual cost, the pharmacy actual cost for the pharmacy to acquire the drug. In the case of the example of generic Augmentin, this price is $101. Then, there is a negotiated discount off of that price, in this example, 85%, and that leaves you with about 15%. That is the pharmacy reimbursement. This would cover the cost to acquire the drug, as well as embed pharmacy operating costs and desired margin. Then, the GoodRx patient acquisition fee is added on top of that. And in our example, you get back to that $20 price point. The discount rate, pharmacy reimbursement, and GoodRx patient acquisition fee here are all variable. So, let's look at our app for pricing for Augmentin. Can you tell which prices are acquisition cost-based versus price traditionally? Anyone?
Whitney, do we have something they can enter? On this page, three are priced via acquisition cost, and four are priced traditionally. As you can see, pricing remains dynamic across retailers because price remains a function of several different factors. Today, approximately 40% of our claims come from acquisition cost-based pricing. So, to summarize, we believe acquisition cost-based pricing is good for GoodRx. Our value proposition of offering consumers prescription savings remains the same. Our revenue equation and how we make money remains the same. What's different is that we are now able to more closely align on economics with retail pharmacies and help better control their margins to manage their profitability. And remember, we've been supporting this model since 2021 and now have over 40% of our claims running through this type of pricing. This is not new for us.
All right, to summarize our work with retail pharmacies, we made a conscious and clear choice to change the way we contract our network. As a result, we feel that we've built a strong, sustainable network and will continue to build it as we continue to recontract. Acquisition cost-based contracting is a key tenet of our contracting strategy. We're really pleased with the results we have so far, but we also recognize that we still have a lot of work to do. Okay, let's move on to B2B. Our current B2B offering is called Integrated Savings, or ISP for short. This is a product that we've launched over the last year, and as a reminder, it's embedding the GoodRx pricing into an insured benefit so that the consumer gets the best price between the two.
And so we work with payers and PBMs with the goal of the following: one, is to directly reduce covered generic prescription prices for their eligible, commercially insured members, and two, it's to help to lower plan costs. So we always get a lot of questions. What is ISP? How did this thing come to market? Who had this crazy idea? How did market forces lead us to this point? And I'd really say there were two driving market forces that brought ISP to life. The first one is something that Scott touched on earlier. Benefit design trends are putting more of the burden of purchasing prescriptions onto the consumer. And the second one I'd highlight is the power of the GoodRx brand. So now let me kinda connect these two to show you how it came to life.
So we heard this a lot from a lot of people in the industry. You know, employees on commercially insured plans were going to the pharmacy, using GoodRx, realizing that it was cheaper than their insurance plan, going back to their HR departments, going back to benefit consultants and complaining, "Why is GoodRx better than my insurance?" This feedback made its way to our PBM partners, who then made its way to us, and we then came up with this idea of Integrated Savings. So that's kinda how the product came to life. We are really excited about this product. We think it generates incremental demand for us and reaches consumers that we might not have been able to reach otherwise. And to date, through some internal analysis, we're seeing really low cannibalization rates between our B2B offering and our direct-to-consumer business.
We're really excited about where this is going. Common question we get all the time: How does ISP work? The thing I want you to keep in mind is that this is a seamless and automated experience, and I'm gonna kinda conduct a little exercise here to kinda show you how seamless this could be. If anybody has it and wants to do this with me, please pull out your insurance card if you have one. You know, you don't have to, but if you wanna, you know, no big deal. Basically, I want you to imagine that you're walking into a pharmacy to fill a prescription. You walk up to the pharmacy counter, hand your insurance card to the pharmacy staff member. The pharmacy staff member enters your insurance information into the point-of-sale system.
Once that information is entered, assuming that your plan is participating in ISP, a price check is then run in the background, and it looks at the insured price versus the GoodRx price, and in a couple milliseconds, returns the lower of those two prices and applies it to your prescription fill. You, as the consumer, stand there and do absolutely nothing different than what you would normally do if you were walking in to fill an insured script. The real takeaway here is there's no change in consumer behavior whatsoever. If your plan is participating, all you do is show up with the same insurance card that you've used for the past however many years.
Okay, let's now break down our current addressable market for ISP. The best way to think about this, there's a lot of pharmacy transactions, approximately 4.7 billion unadjusted, unadjusted transactions. There's then several factors, which I'll get on, talk about more on the next page, that kind of dictate what are the number of prescriptions that are eligible for us to win on, on this price comparison. And so for this year, based on current market dynamics, we're at about 500 million-600 million annualized eligible Rxs that GoodRx can win on in the program today. And so today, we're converting at a low single digit win rate, and I'll talk more about that on the next page. And that yields itself out to about mid- to high-single-digit Rxs in 2024. So that's the way to think about the flow of this business.
Now, let's take a look at opportunities to expand and grow. Within ISP, we see four main growth levers. The first one is PBM coverage. Although we've sold into a lot of big plans today, we don't have, you know, every PBM customer signed up, and so we are still out there in the market talking to PBMs, educating them on the value of the program and continuing to sell. The next two are kind of embedded together. We've sold into some large partners, however, they've only onboarded a certain number of plans and payers to the program. So we work with our PBM partners on educating those plans and payers on the benefit of this program to join. And then the next one we're focused on with our existing PBM partners, and I mentioned it earlier, is win rate.
We're at low to mid-single digits today, and we believe through more focus on technology work and aligning pricing strategies, we can boost our win rate with our PBM partners going forward. Then the last one I'll talk about is pharmacies. So the vast majority of pharmacies are in-network for this program today, but not all of them. And as we work to implement and execute our hybrid contracting model, we think we can close that gap in the near future. So if we execute against these growth levers that I've outlined here, we believe that we can open up about $200 million of incremental growth revenue in the longer term for the marketplace business. So let's take a step back on ISP. This is a new product for us. It's been up and running for about 18 months.
We're really excited about the progress to date because we've created a really seamless, easy-to-use experience with no consumer behavior change. We feel like we've identified all the right growth levers to pursue and have a good planned roadmap to go out and execute. Okay, let's change gears and talk about GoodRx Gold. As a reminder, GoodRx Gold is our subscription offering, whose value proposition is offering consumers better discounts on their prescriptions and a few other healthcare benefits, mainly discounted telehealth visits, free home delivery, as Scott mentioned earlier, a concierge service to help answer healthcare questions. Consumers for Gold tend to be people filling multiple prescriptions per month, who really want to get value from saving on their aggregate basket. We really see two areas of focus to invest in going forward to make Gold a better offering.
The first one is pharmacy network expansion. So we have most pharmacies in-network today, but not all of them. And as we roll out and execute our hybrid contracting approach, we think Gold inclusion will be a fast follow to getting that core agreement signed. And by way of example, we actually worked with Publix in Q4 of last year to get our core agreement signed, and then they joined Gold this past April. So once you get that base-level economics right in the free product, they'll come join the subscription one after. The other area we're focused on is value prop expansion.
Gold, again, is a logged-in experience where we have a consumer's credit card, and we feel like there's a lot of runway to offer a more seamless, frictionless experience for consumers that combines telehealth, home delivery, and other services to offer them more distinct value. So to summarize, we believe Gold delivers great value to consumers, and we're gonna continue to invest in this product going forward. Now, turning to our pricing technology. This is really the core of what we do, and I truly believe this is a key differentiator for GoodRx. Nitin is gonna talk about this in a lot more detail later on, so I'm just gonna kinda hit the high notes here. The first focus area for us in pricing is really foundational.
We've shifted our contracting model to be way more direct with retail, and as a result, we need to shift our pricing capabilities to match that strategic change. So really, we're focused on investing and optimizing how we administer these retail agreements and how we optimize price points at each pharmacy. The second thing we're focused on, and again, Nitin will hit this in a lot more detail, is personalized pricing, delivering unique pricing offers for a consumer based on who they are. And we believe this has a lot of upside and unlock a lot of value for the future, and we're really excited about the work. So, as I outlined earlier, we have five areas that we're focused on for growth. I've talked about four of them: strengthening our pharmacy network, expanding B2B, enhancing GoodRx Gold, and delivering pricing automation.
Now, let's talk about the last one. The last thing we'll focus on here is not embedded in any financial projections that we've shown here today, and it's more focused on investing in future areas where we see meaningful challenges that we believe GoodRx can solve in the pharmacy ecosystem. So what are those challenges? First, too many drugs aren't covered or have benefit designs that are challenging for the consumer. On new prescriptions, we estimate that consumers walk away from non-covered drugs over 80 million times a year. When you think about how many refills may also be missed because the first fill isn't made, we estimate that number jumps into the hundreds of millions. We already offer Integrated Savings Program, but that's for generic drugs that are covered by insurance.
We plan to expand this use case to non-covered drugs to improve the ability for members to get access. We think that this is a huge opportunity to uniquely leverage both sides of our business, prescription marketplace and Manufacturer Solutions, to create distinct consumer value. Second, we plan to invest in the pharmacy experience. The pharmacy experience is still too slow and opaque for consumers. Our existing solutions have been designed to solve some of these problems for cash-paying consumers. We still don't bring transparency to a consumer's insurance price, drug inventory availability, or the ability to have an e-commerce experience to reduce friction at the point of sale. Think prepayment, buy now, pay later. We're exploring some of these problem areas and hope to launch products and services aimed at solving these issues in the future.
Before I turn it over to Manufacturer Solutions, I want to contextualize our plan to grow our Rx Marketplace. First, we have a tremendous core offering with strong unit economics, with over 80% of monthly claims from repeat use in a leading position in the prescription discount market. We believe there is significant SAM to capture, and we intend to continue to focus on growth. To support this, we must continue to work closely with our retail pharmacy partners to ensure that we have a strong network that helps deliver profitable prescription acquisition and reduces patient abandonment. Furthermore, we are working on supporting this growth through investments into pricing automation and enhancing GoodRx Gold. On top of this, we believe that we have a promising B2B growth engine with Integrated Savings Program, which we believe is poised to drive significant growth into our marketplace over time.
Taken together, we are targeting a three-year CAGR of approximately 4%-9% for the prescription marketplace. This assumes 3%-4% market growth, and that the initiatives I just discussed help us steadily increase share. Above and beyond these tactics, we see opportunities to drive even more growth by solving bigger problems in the pharmacy ecosystem. In particular, through ISP use case expansion, innovating to improve the pharmacy experience, and enhancing our pricing capabilities. Each of these could drive differential growth beyond the 4%-9% anticipated base case growth. Finally, as you see on the page, Kroger. As I mentioned, we just signed a new agreement with them with substantially better pricing that we believe is designed to grow our businesses together.
Now that we've signed our agreement, we're switching our focus to execution mode and delivering on that agreement to make sure we're bringing value to Kroger and to consumers. We believe there's significant runway in our Rx Marketplace, and we're looking forward to executing on the growth plans that I just outlined. Now, I'm pleased to welcome Aaron Crittenden, our SVP of New Business, and Divya Iyer, our SVP of Manufacturer Solutions, to the stage to discuss our Manufacturer Solutions offering. This is great because Aaron and Divya have both been at the ground floor of building this effort from an idea to over $100 million in expected revenue this year. Aaron's a brilliant guy with an incredibly quick mind, who understands all the nuances of drug pricing and how brand pharma can reach more patients, more affordably, and with less friction.
Divya is super strategic, with a deep understanding of pharma solutions, and has really led our efforts to sharpen our focus on the brands that we know we can deliver value to. Thank you, everybody.
Perfect, it works! Thanks, Mike. I'm Aaron Crittenden, been here at GoodRx for four years. I've got a deep background in all things pharma. So spent 15 years, my entire career working in and around pharma, primarily access stuff. Have known GoodRx for a long time, knew the founders, early employees. When they called and said, "Hey, we wanna try to get into the brand space, work with pharma," I said, "I'm all in." So joined. First thing I did was hire Divya, the best decision I made. I can't be happier to present with you, so Divya, take it away.
Thanks, Aaron. Hi, everybody. I'm Divya Iyer, and I'm looking forward to speaking to you today about our strategy and plans for Pharma Manufacturer Solutions. I've been at the company three and a half years, and I'm one of the founding members of the Pharma Solutions team. I'm a pharmacist by training and began my career at Merck, not too far from here, in Rahway, New Jersey. Through my experience there, at Deloitte, doing strategy consulting for Big Pharma, and most recently at McKesson, I have built experience across every phase of the pharma drug life cycle. So having built a deep understanding of everything it takes to bring a drug to market, I'm deeply passionate about helping patients actually get access to those medications and stay adherent and ultimately improve their health outcomes.
GoodRx's commitment to this mission and our proven ability to drive impact and access and affordability drew me to this team and company. Let's dive in.
All right, so we're gonna dive into the solutions, and we're gonna figure out what it is that we do with brands. So when we started, Divya and I sat down, and we chatted, and we said, "Look, what, what is incredibly obvious is 20% of searches are for brand drugs." And when you look at the marketplace, everything Mark or Mike just walked through, we created an amazing ecosystem, function, features, all things tied together for generics, and it works really, really well. When you look at that on the brand side, things are slightly different. And so as we started to unpack that, what the, the key takeaway is, the goal is the exact same, right? We're trying to deliver savings to consumers, whether it's brand or generics. The go-to-market of that is slightly different.
On the generic side, we work with PBMs, we work with retail. We can create those amazing savings. On the brand side, we partner with pharma. That is the key difference between the two, but at the end of the day, the goal is the same, the solutions are the same. Next slide, please. Thank you. Okay, I'm going off script, so the slides might be a little bit off. I tried going with script yesterday and it went horribly. Okay, so what we do wanna make sure is crystal clear, when we looked at this, we didn't just realize, okay, pharma spends a bunch of money, as Scott mentioned, on advertising and TV, and, hey, we've got people searching for it, we should just go take that money, right? That was not the goal at all. The goal was, it's the same problem.
Consumers come, they search for a drug, it's brand, we have to bring affordability to them. The good news, and what that means tangibly, is all of the assets that GoodRx has spent the last 12 years building, whether that is the technology, the relationships, the marketing, the awareness, all of that investment accrues both to the brand side as well as the core prescription side. That will also continue to accrue into the future. So again, same business, two different sides of the same coin, and that's what we're gonna talk to you about today.
Great. Let's take a moment to frame the segments of the prescription market. While generic medications make up the majority of the prescription market fills, brand drugs actually contribute more to the cost of these prescription fills. So generic medications make up 90% of fills, and brands make up 10% of fills. But if you look at costs, it's kind of the other way around. Brand medications contribute to 85% of overall prescription drug costs. They're just more expensive. Moving on to the overall pharma market, net pharma sales in the U.S. are projected to grow at a rate of 2%-5% CAGR through 2028. This growth can be attributed to innovative specialty areas like immunology and oncology, and now more recently, the endocrine space, due to the GLP-1s.
Along with this healthy growth rate, there are a few other dynamics at play. First, there's increased scrutiny around drug pricing and reimbursement, as evidenced by governmental actions. But even when pharma companies drop their list price, it doesn't always make its way down to the patient in the form of a lower out-of-pocket cost, since, as we know, patient costs are largely determined by their PBM. Second, there is reimbursement and just channel economic pressure from payers and PBMs in the form of rebates and other fees and so on. Given these dynamics, we've actually seen biosimilars enter the market with some interesting access strategies, right? Like dual price points, offering, you know, direct- to- cash, direct- to- consumer cash pay discount, and so on. We will talk more about how we partner with biosimilars later in the session.
But overall, given the industry dynamics, pharma is focused on managing their gross- to- net, being extremely judicious about how they're spending their commercialization dollars, and is looking for alternative solutions to these problems to help patients get on therapy. So as an investor, this is important. This is where our opportunity lies. We help pharma overcome these challenges and get patients on therapy. Our solutions are good for the patient, they're good for the pharma companies that we work with, and they're even good for the pharmacy, as we'll talk about later. So let's put some numbers behind this. It's estimated that pharma companies spend over $200 billion in research and development every year. I know, I worked at Merck in R&D. And then another $300 billion plus on rebates and access dollars in the U.S.
That's $500 billion they're spending just to bring the drug to market and getting payers to cover them. Then, once they're in the market, we estimate that pharma spends another $19 billion to commercialize them with patients and HCPs, healthcare professionals. So this would include spending in areas like TV, digital advertising, HCP programs, and so on. Now, with all of that spend, pharma is clearly motivated to get patients to fill their drug. Yet, despite the significant investment, it's estimated that almost a third of brand drug prescriptions are left unfilled at the pharmacy counter. A key reason for this is cost and affordability. In some categories, the challenges are much more drastic. So let's take GLP-1s, for example. Big category, right? But less than half of prescriptions ended up getting filled.
This is where we bring the GoodRx value proposition to pharma companies. We help patients access their brand drugs by making them more affordable. We can help convert more users at the point of dispensing.
So if any of you guys have talked to retail pharmacies, you understand that they make pretty good margin on generics. It's really tight on brands, right? When you look at that on the macro, estimated 2%-5% gross margins on their brand fills through insurance. You take a category like GLP-1s, they're losing money. It's rough out there. As Mike mentioned, we have a big strategic focus on ensuring that retail is a winner in all of our business. On the brand side, we hit that home hard. And on our direct to brand consumer transactions, we can deliver 5%-10% gross margins for pharmacies, a big win, which is also helping us create tailwinds as we go and scale these solutions.
So what makes us unique in this space? We believe it's the trust that we've built with a large, high-intent, high-quality audience who recognizes the value that we provide in prescription affordability. A key differentiator is actually where in the patient and HCP journey we play a role, and that role places us in a unique position to help drive them across that last mile. Not literally drive them, but help usher them across that last mile and convert them over to a prescription fill. So let's start with traffic. In 2023, we had approximately 43 million annual sessions towards our brand drug price pages, so people coming to our brand drug price pages to figure out how much a drug costs. And as Scott mentioned in his session, 70% of that traffic was organic, and that number was up 30% year-over-year.
So very healthy growth rate in how people are just organically coming to our website. Generally speaking, our users are extremely high intent. 85% of them are estimated to have a script in hand, and we estimate that 60% of those users who used us for our brand drug savings programs would have skipped or delayed filling their prescription had it not been for GoodRx. We help them fill. We have pharma affordability and access programs. They generally tend to have very low consumer awareness. In fact, 65% of our users found out about a manufacturer savings program through GoodRx. That's pretty powerful. And on the HCP side, we've got 750,000 unique healthcare professionals who visited GoodRx in 2023, and they're most commonly using us during working hours when they are most likely with their patients in the office.
These HCPs are using GoodRx to easily find affordability and access resources to help their patients get on therapy. Our price page, the page that you get to on the site to look up the price of a drug, that is our key asset, the one where we had 43 million annual sessions. What does that mean? Let's contextualize it. GLP-1s again, we looked at 4 big GLP-1 brands, and we compared the traffic that they get to the traffic that comes to our brand page sites for the very same drugs. And as you can see, our traffic exceeds theirs from 1.6-5.6 times. We believe this quantum of high-intent consumers and HCPs who are using us is tremendously valuable to pharma. As you can see, they're coming to GoodRx, right?
Way more than they're going to the brand.com websites. All right, now let's get into the details of our pharma solutions. Our product offerings fall into two categories: access solutions and media solutions. I wanna reiterate to you all why, as investors, why we're unique in this space. There are many access solutions out there, but we believe none of them have the consumer and HCP reach, scale, and brand awareness that we do, just the sheer consumer volume. And then similarly, you have lots of media publishers and media platforms out there, but we believe we can uniquely drive the metric that pharma ultimately cares about. Let's say it together: prescription fills! So, our access solutions save people money on their brand medications and can be categorized as copay solutions and point-of-sale discounts. So let's talk about copay solutions first.
Pharma companies offer copay savings programs. As I've mentioned before, there's very low consumer awareness. Even people in the industry oftentimes are unaware of these programs. And so what we do is we work with pharma companies to house their copay card on our price page. That way, when somebody comes to look up the price of a drug, we're able to seamlessly integrate this copay savings program, get them enrolled, and help them fill the prescription. This provides value across the ecosystem. Pharma companies and pharmacies reduce the number of scripts that go unfilled, and consumers are able to access expensive brand medications at a much more affordable price. Now let's move on to point-of-sale discounts. In this program, a pharma company can partner with us to directly buy down the cost of a, of their drug and directly lower the out-of-pocket cost for a patient.
This is a solution for all cash pay patients, regardless of insurance status. While it's estimated that approximately 90% of the U.S. population has some form of insurance, all too often, brand drugs are not covered by their plan. We estimate that over 80 million new prescriptions are left unfilled at the counter because their plan doesn't cover them, right? And more than 50% of commercially insured patients are on a high-deductible health plan and just face higher out-of-pocket costs, which makes access challenging for them. In these instances, it makes a ton of sense for pharma brands to partner with us on this point-of-sale program. We enable all of these solutions through a flexible and customizable module on the page, which sees great engagement.
40% of people who engage with the module complete eligibility questions and get to the right solution for them. And then for programs where we have this integrated co-pay card offering, we reduce drop-off and outpaced general market prescription growth by 90% on average. Again, these results speak for themselves. Our users are highly engaged. We've demonstrated that we can get them to get them on therapy and stay on therapy. And we offer these solutions both in a direct-to-consumer, as well as a context, as well as to HCPs, where HCPs can send these solutions to their patients. So in aggregate, our access solutions account for two-thirds approximately of our projected 2024 Manufacturer Solutions revenue. Now moving on to media solutions.
Because we have a high-quality audience across patients, caregivers, and healthcare professionals, we found that they're also interested in educating themselves on how to manage conditions or look up more information about specific medications. So it became a natural adjacency for us to offer media solutions specific to these user groups as well. So we offer a myriad of different media solutions, including drug page content and video sponsorships, co-branded content, newsletters, and so on. On the HCP side, we offer pharma companies solutions to target a specific list of HCPs that they're interested in reaching. In aggregate, our media solutions account for approximately one-third of our 2024 Manufacturer Solutions revenue.
So Divya mentioned this, but to bring it home, what makes us different is we're focused on the transaction. Whether it's media, whether it's access, whether it is point of sale, whether it's co-pay card, everything is developed and built to drive the patient, the physician, to the point of filling at the pharmacy, remove the friction, and then we surround that with our media solutions to ensure that at the end of the day, that most important metric that Divya made you all yell is fulfilled at the for pharma. All right, so let's look at these in action. We're gonna watch one more video just so you can see what it looks like from a consumer perspective, and we'll walk through these.
Robert is struggling with insomnia, and his doctor has written him a script for Albutoin. Unfortunately, even with his insurance, it will cost him $1,397 out of pocket, which he cannot afford. Robert goes to GoodRx and learns that he can access Albutoin for $0 per month via the manufacturer's co-pay solution. Robert is able to determine if he is eligible for his co-pay card right on GoodRx's site. He has to answer a couple of questions and fills out his information. Robert is eligible, so he receives a savings card. He then takes the discount to the pharmacy to save thousands on his prescription. In addition to our co-pay solutions, we also offer point-of-sale discount solutions for brand drugs, such as what Jane leverages. Jane has type 2 diabetes.
She prefers Provasic as her insulin, but her insurance doesn't cover it, so it is $550. This price is becoming unsustainable, so she checks GoodRx. GoodRx has partnered with a drug manufacturer on a point-of-sale discount program for Provasic, where eligible patients pay only $35 out of pocket for a 30-day supply. That's a savings of $515 per month. Now, let's see if Jane is eligible for this discount. Good news, she is! She then takes the discount with her to the pharmacy to save $515 on her 30-day prescription. In addition to our access solutions, we also have consumer and HCP media solutions across our platform that are designed to reach a highly qualified audience to drive greater awareness of prescription savings.
Great. Now that we've seen how the products work, I'm excited to show you the impact that they drive. So let's look at our co-pay programs with pharma in action. I have two examples here of how we've delivered significant value to consumers and pharma by embedding their co-pay cards on, on GoodRx. In the first example, we worked with pharma to take a diabetes medication that was previously priced around $600 on GoodRx and brought it down to their co-pay, the price of their co-pay offer, which was as low as $10, depending on the consumer's insurance. Outside of the implicit consumer value, we delivered pharma nearly $22 million in incremental prescription fills annually and a double-digit ROI to the pharma company. They were pleased.
In another example, we partnered with pharma on a mental health drug to reduce its price from approximately $1,500 to, again, as low as $0, which was, again, depending on the patient's insurance. This is still valuable to pharma because once a patient gets on a drug, especially for chronic medications, and they're over their deductible phase, pharma manufacturers can benefit from a potentially long, often third-party paid, lifetime value of prescription fills once the patient gets on their therapy. So in this example, we delivered nearly $7 million in annual value to our pharma client and a 5.5-to-1 ROI. Let's pivot to talk about our point-of-sale discount programs in action. Again, two examples here where we enabled pharma to directly decrease the out-of-pocket cost that a patient pays at the pharmacy.
In one example, we took the price for a consumer down by $200. That was almost a 50% savings for the consumer, and delivered $18 million in annual revenue, incremental annual revenue to the brand, and increased prescription fills by 16x. In our second example, we decreased the price by about $90, delivered incremental annual revenue of $4 million, and grew prescription fills by over 2x. When we work with pharma to enable point-of-sale discounts and drive revenue and prescription fills for manufacturers, we're paid a fee on each of the claims, making this an attractive offering for us, where we participate in the upside. So how do we deliver such strong results with our point-of-sale solution? We are cutting into those approximately 900 million abandoned or rejected fills at the pharmacy counter.
We deliver better pricing for drugs where insurance access is challenging. This removes consumer and HCP friction for rejects and utilization management, prior authorization, step therapy, all that fun stuff. Our transactions are directly measurable by pharma, which is something they're pushing for and investing into. And once we start delivering these claims, these tend to be highly sticky relationships with our pharma partners, with growing recurring revenue. And pharmacies like this program because of the attractive reimbursement economics for them and the ability to prevent walkaways at the counter due to cost. Now that we've talked about our access solutions, let me give you a flavor for our media solutions. Our media solutions are anchored in premium content, designed to help drive transactions with a highly qualified audience of patients, HCPs, and caregivers.
Instead of thinking of this as standalone media, think of this as contextually relevant media that wraps around our access solutions. Last year, our content offering drove over 150 million page views annually, which was up 36% year-over-year. Now, let's now talk about HCP solutions. So we've talked, we've mentioned a few times that healthcare professionals, or HCPs, are heavily engaged users of our platform. We had 750,000 unique HCPs that used GoodRx in 2023, and we had a 90% brand awareness with HCPs. They know us, they love us. They use us because we help solve real problems for them and their patients.
As Scott mentioned, HCP offices struggle with the administrative burden of prior authorization and other forms to help get their patients on therapy, and they're spending 14 hours a week on these types of tasks, and we simply help reduce friction and get their patients on therapy. And our NPS of 84 with HCPs is evidence about how they feel about our value- add. I mention this because we're actually just beginning our journey of building a pharma HCP value prop and offering. HCPs are one of the most important constituents to pharma since they actually write the prescription. We're exploring ways to uniquely add value to HCPs and deliver value to pharma at the same time. One simple example is by allowing HCPs to anonymously share prescription savings or coupons with their patients electronically. We see a strong runway here and plan to invest more.
All right, let's talk about GLP-1s once again. We know that these are very. They're successful drugs, they work, and they are really bifurcating into two categories, right? You've got your diabetes, and you have your weight loss. Together, they're growing like mad. It's projected by 2026, they're gonna represent 8% of overall prescription spend, 50% CAGR. Here's the kicker: diabetes is well covered. Weight loss is not, and if you zoom out and you think about what Scott's mentioned, Mike, Divya, when insurance fails, GoodRx wins. That's where we play. So again, estimated that only 25% of employers cover these drugs for weight loss, and Medicare also does not cover it. So what does it mean to us?
When we look at this, we're partnering with our manufacturers to embed the copay cards, to embed those solutions, and we are a huge catcher's mitt for these transactions. When you look at, n ext slide, please. When you look at Q1, on a monthly basis, we had 800,000 unique searches for the GLP-1 to the price page. We had another 700,000 monthly unique searches to the content. So again, massive need, massive opportunity. The catch, because of the supply constraints, we don't believe that pharma has fully unleashed their marketing engines here as well as their access engines. So we do believe we have a lot of opportunity moving into the future here, and we're excited about the prospects of this.
We firmly do believe that we are the natural solution to partner with pharma to help patients get and stay on these drugs on a go-forward basis.
Now that you know how this side of the business works, let's spend a moment on our focus areas, which we believe will continue to strengthen our fundamentals and reinforce our value proposition. First, we're focused on expanding the number of top brands that we work with and selling more solutions into the ones that we already work with, so getting more customers and going deeper with them. Second, we are highly focused on scaling our book of business and capabilities around our specialized access solution, the point-of-sale discount solution to directly reduce the price of brand medications. And finally, we're focused on better demonstrating our value to pharma by more clearly reporting impact and ROI to them. Now, let's walk through each of these focus areas. When we look at our growth, there are two key areas that we focus on.
The first is the number of brands that we work with, and the second is the number of solutions we're selling to those brands. On both of these metrics, we believe we have tremendous room to grow. When we look at the largest revenue brands in the US, so the ones that have over $1 billion in revenue, we only count about a third of them as clients, even though we often have a relationship with the manufacturer and a foot in the door. This means we have significant runway to grow just by adding new logos. Then, for the brands that we have sold to, we've sold less than a fourth of all of our possible solutions to them in aggregate. So just within our existing clients, we have material opportunities to grow. These two areas are our primary focus.
Next, we're focused on directly lowering brand drug prices via our point-of-sale discount offerings. Due to the reimbursement and pricing challenges that pharma companies face, we we believe that many of them view cash price offers as an effective access strategy to help drive uptake of their brands. They're particularly valuable, and we're uniquely positioned to partner with, with pharma in ways that others are not. We've created a win-win-win solution that benefits pharma, pharmacies, and most importantly, patients. We have our own traffic engine. We can drive transaction-based results where pharma can choose their own economics, so the ROI is incredibly clear to them, and this is an offering that is completely differentiated, and we believe that we can deliver this in ways that help the network, helps consumers, and is scalable. We have about 30 of these today, up from about a handful 18 months ago.
We've come a long way, and we have a growing pipeline that we're very excited about.
I'm really excited about this product. As we talked about, and we were talking about this earlier, actually, today. When you think about cash for brands, I think a lot of people naturally think brand drugs don't fit well in that mix, right? They're expensive. It doesn't work well. But when you actually start to think, Divya mentioned this earlier, pharma's really focused on gross- to- net. And when you start to take out all of the pieces that erode pharma's net offering, right? So you've got rebates, you have co-pay card support, you have to pay for the prior auths, you have to go and work through the HCP awareness and the pharmacy reimbursement. When you get down to the net level, we think we have a really attractive offering here to help patients.
What becomes even more interesting is all the work that we've been doing in our integrated solutions. So Mike talked about integrated solutions on covered generics. We think there's a lot of opportunity to expand that into not covered drugs. So that now all of a sudden, we have, as we grow these offerings, we have a direct consumer offering on our website where we can capture, drive transactions. But as we can expand the network approach and start pricing these on not covered transactions, there's a lot of wind in our sails there. So that's one area of growth that we're excited about. The other is non-traditionally promoted or traditionally non-promoted drugs. So as manufacturers lose patents, typically, they just sunset the drug, they let it run out, not much happens.
We are actually partnering with pharma to allow them to create a unique cash price and potentially buy the market back from the generic. There's a lot of consumers who still want the brand. Price point is unattainable in a lot of these situations. They can lower the price. They have very little low COGS at this point in time. This is purely incremental revenue for them, and it helps our patients have optionality as well as our physicians. A lot of good things there. Divya didn't mention biosimilars. A lot of noise in this space. It's a very interesting space, actually. You and I talk about this a lot. So the biggest challenge we've seen with biosimilars, they really are struggling to gain market share, right? Like, if you look at them at scale within IQVIA, most of them are not taking off. It's a problem.
We think cash is a very interesting opportunity for them to go and gain market share, and in fact, we recently just signed, we won't name it, but you can guess, one of the big biosimilars, that will be launching soon, and we're really excited to see if we can prove a space here and let them gain market share without some of these other market challenges. So again, we think we have a lot of opportunity, and we're excited about this.
Speaking about lowering drug costs overall, we know there have been questions about Medicare drug benefit changes and the potential impact on our business. So we wanted to hit this head-on and give you our perspective. The headline is: We don't expect a material impact here, but get excited. We're gonna talk about 1,000 pages of legislation on this one slide. So the Inflation Reduction Act from 2022 included provisions around changes to drug pricing. So number one, Medicare negotiates pricing with select brand drugs and will penalize brands that take price increases that exceed inflation. Number two, out-of-pocket spend will be capped at $2,000 for that benefit year. Number three, beneficiaries have the option to smooth out out-of-pocket costs over a benefit year.
When we look at these changes relative to our offerings, they primarily impact pharma and brand medications, right? So not, not generics. So first, if we look at the first piece around negotiating pricing and penalizing price increases that exceed inflation, this has really changed about how changed how some pharma companies think about going to market. Some of them have reduced prices, some of them have gone the authorized generic route. They've just pursued different go-to-market strategies, right? An outcome of this has been that brands have continuously increased pursuing direct-to-consumer point-of-sale discounting solutions as an avenue to get their drugs to market. So this has actually been a tailwind for us on the pharma solution side. For prescription marketplace, since that is primarily focused on generics, there's no material impact there. Let's look at the second one around capping out-of-pocket spend at $2,000.
On the Manufacturer Solutions side, again, we don't expect to see much of an impact since our solutions are more geared towards patients with insurance, with commercial insurance or no insurance. On the prescription marketplace side, we want to contextualize the impact of this. So about 2.5% of Medicare beneficiaries have an out-of-pocket spend that exceeds $2,000. For us, about 28% of our users are Medicare beneficiaries. So you put those two together, and we arrive at an overlap of less than 1%. So really, no material impact. Most of the cost burden lies with brand medications. Again, that is a very small component of our prescription marketplace offering. And then finally, the third piece around smoothing of out-of-pocket costs over a benefit year. That is certainly beneficial to some consumers.
On the brand and we estimate that most of them are doing this for brand medications, right? Since they tend to be more expensive. And our Manufacturer Solutions offering doesn't cater to Medicare beneficiaries, so not much impact there. We don't see applicability. On the prescription marketplace side, since most of these users are doing this for brand medications, since our offering is more on the generic side, again, we don't see much applicability here. I guess, yeah, that's all we had to say on the Medicare side. So moving on to our ROI and value measurement. So the intent and quality of our consumer and HCP audience has been demonstrated by third-party measurement on several of our programs.
For example, in one of our programs to reach patients with a specific type of arthritis, in a third-party measurement study, we ranked highest within our comparator set and had more than 2 times the audience quality of the next best comparator. We view this as a leading indicator to the metric that pharma ultimately cares about. It's total prescriptions, TRx, or new to brand prescriptions, NBRx. We also have third-party validated studies in areas like cardiovascular, respiratory, and diabetes, with one study showing a 70% lift in total prescriptions from HCPs who visited the GoodRx price page compared to a control group that does not. That's pretty powerful. We believe we occupy a unique role in the prescription journey, as I mentioned previously, and that our value is actually in driving script lift and prescription volume.
We're also leveraging our internal data and business intelligence teams to find ways to expand our own analyses and supplement these third-party measurement studies. In summary, a big focus for us this year is tying engagement with sponsored programs on GoodRx to prescription lift so that we can clearly demonstrate ROI to our pharma partners. We've covered a lot of ground, so I wanna summarize our thesis for growing Pharma Manufacturer Solutions. First, there are significant consumer access and adherence challenges that we believe are just going to get worse as payers and PBMs continue to tighten formularies, insert additional controls, and move more of the cost burden onto consumers. Second, we have a large audience of trusting consumers, many of whom have a script in hand and the intention to fill it, along with HCPs who are looking to solve these problems.
Third, pharma is looking to solve these problems with innovative access solutions that they can directly measure on a transaction basis. We believe they're ready to invest significant sums of money to move scripts in an ROI-positive way. So how do we grow? Foundationally, we sell more brands and demonstrate our value to pharma. We talked about that. Our ability to link transactions to commercialization spend is a real differentiator and will be key to our success. Then we believe that our transactional point-of-sale discount solutions that directly lower the cost of brand medications for consumers, that we launched about 18 months ago, are poised to create incremental growth for the offering through existing channels. We have about 30 brands that are leveraging our platform, and we believe that we're well positioned for significant growth here.
Between these items together, we anticipate we can deliver 20%-30% long-term annual growth. And on top of that, we also have accelerators that can kick our solutions into high gear that we're already investing into, and these support big unmet needs in pharma. The first area is. You got it, GLP-1s. It's, it's very relevant for GLP-1s, but if you think about it, it's very relevant to many consumer-centric categories like dermatology and so on. To recap, these drugs are incredibly popular and are expected to be even more popular. Access is challenging. GoodRx is the place to go to for GLP-1 access and affordability since this, we expect this to be an increasingly consumer direct category. We're working on solutions now that directly reduce the cost of GLP-1s and make them more broadly accessible. This is gonna be a huge opportunity for us.
The second is taking those point-of-sale discounts that we've talked about a lot and expanding their distribution through other B2B channels, most notably through Integrated Savings Program partnerships. The third is specialty drugs. Specialty drugs now make up more than 50% of spend in the U.S. They treat a very small fraction of patients, but most pharma companies, their pipelines are heavily weighted towards specialty drugs. The patient journey for these drugs is actually even more complex due to the access and distribution challenges of these drugs. It causes significant delays to get on, get on treatment, and we're exploring ways to reduce the friction in the specialty space and make the process more transparent for consumers, caregivers, and HCPs.
We've already worked hard to improve our user experience on the website for specialty medications, with the goal of making it more informative and less scary for patients. We're talking to pharma about leveraging our solutions to connect our users to specialty support programs and a myriad of other support programs that they have in place. The final area is around increased sophistication and precision on how we connect the right people to the right access solution. Through a combination of data, analytics, and product improvements, we're working on personalizing solutions for consumers to better access brand medications based on insurance status and other factors, while also working to improve pharma's gross- to- net and deliver strong ROI to our pharma partners. We're incredibly excited about the growth prospects for Pharma Manufacturer Solutions.
We believe we're in the early innings with opportunities for growth and material expansion still ahead of us. With that, we will take a 15-minute break now. When we come back, you will be hearing from Ryan Sullivan, our SVP of Marketing, who will be discussing our strategic approach to marketing. Thanks, everyone.
All right. Welcome back, everyone. I'll let everyone get back to their seats. Okay, thank you. We're getting a lot of great questions through the platform, so please keep the questions coming. That's how we'll be taking Q&A today, so make sure you get your submissions in. And then getting back to the presentation, I now have the pleasure of introducing Ryan Sullivan, our SVP of Marketing. Ryan is standing in for our CMO, Andrew Slutsky, who couldn't be with us today. Andrew is one of the founders of the company and came back into the executive role shortly after Scott joined. Ryan is a great all-around marketer with skills and appreciation for both brand and the soft stuff of how to connect with consumers, as well as the analytical chops to find high-value patients and doctors. With that, go ahead and take it away, Ryan.
All right. Hi, everyone. I'm Ryan Sullivan. I'm delighted to be here to share with you more about our marketing efforts and all the things that make GoodRx what it is today. Just as a PSA and as a brand police officer sometimes, there's pins in your bags. I expect you'll wear them all as you run out of here today around New York and wherever you're going. But just remember that the heart shape goes up and to the right. Hopefully, that's not difficult for this audience to remember because I'm sure you like seeing things that go up and to the right, especially in charts and graphs. So a bit about me. I joined GoodRx three and a half years ago to lead our growth marketing teams and our marketing analytics efforts.
I'm really fortunate to also be able to now oversee our brand and marketing communications efforts as well. Prior to GoodRx, I spent 12 years helping some of the largest global brands evolve their traditional marketing engines to be more competitive in our digitally driven world today. With that digital background, performance marketing is core to how I approach the marketing craft, but I know, and many people know, that that's only part of an effective marketing ecosystem. The really critical element of any great marketing enterprise is the brand, and that brand is built and nurtured over years of hard and focused work. It was the GoodRx brand that actually drew me to GoodRx.
Its ability to help a family member of mine with the all too common challenge of medication affordability drew me here, and it's one of the things that really keeps me here and a strong advocate of what we're doing. So let me start and talk and unpack a little bit of more about what makes GoodRx that venerable brand it is today, and the efforts we use to build trust and support consumers along their journeys. So part of what brings that brand to life is our own team. I'll quickly acknowledge the 90+ talented marketers at GoodRx that cover consumer backgrounds. They also have healthcare backgrounds, and we're all deeply motivated.
Myself, my colleagues that you heard from today, and everyone back at our offices, we're motivated to grow utilization of GoodRx because we know that consumers that use GoodRx are better off for having done that, and that's not something that a lot of brands can say. I'm proud of that. So our connection to that purpose and that drive really shows up in our work and helps what we do resonate with consumers. GoodRx has been an evergreen marketer for more than 10 years. Over that time, we've refined, strengthened, adapted our marketing strategy to meet and evolve the needs of our consumers and our company. And since GoodRx launched, we've invested over $1 billion, $1 billion in marketing, and our investments have not just focused on lower funnel or performance marketing or direct response marketing.
We've built tremendous brand recognition among consumers and HCPs, and that leads to significant word-of-mouth referrals, earned media, and organic demand. You heard Scott mention how tremendous our organic demand is. We believe our work to build our brand and our deeply impactful consumer experience have made us synonymous with medication savings. By our estimates, as you heard, over 70% of consumers and approximately 90% of HCPs know about GoodRx. If you compare our awareness levels among consumers to that of the next largest player in the space, we believe it's about 3.5 times higher and that our web sessions were more than 8 times higher in the first quarter of 2024. Not only do we have strong levels of awareness, but consumers and HCPs, they really like us, too.
Based on our most recent surveys, we've a consumer NPS of 74 and an HCP NPS of 84. To contextualize that for this crowd, I'll use another brand, as an analogy here. If you take Apple, which I assume many of us would consider to be a gold standard, a brand for consumer delight, they had an NPS of 72, again, compared to our 74 for consumers and 84 for HCPs. And when HCPs are asked to name their favorite prescription savings brand, they're eight times more likely to say GoodRx compared to the next closest brand in our category. Awareness and NPS, critical measures for leading brands. But what about intent to actually use the GoodRx platform? We track a lot of metrics here, but I think mobile app data really drives this point home. We're recently ranked as the number one prescription-specific app.
We also have over 900,000 ratings across iOS and Android, and the combined rating there is 4.8. You compare our number of ratings to the next largest players, 25,000 combined ratings. In addition, in 2023, we saw nearly 350 million visits across our website and app, and that's not something that happens overnight. That's the product of that focused investment strategy and optimization over the 10-year horizon that we've been doing this as an evergreen marketer. Now, essentially, all of the $1 billion plus of investment in dollars has already flowed through the prior year's P&Ls, but the benefit of that investment will continue to add value to our brand and company and our investors now and going forward. We believe our sustained marketing effort drives significant value in our brand, and that's difficult to replicate.
It's also our brand, a key differentiator for GoodRx, contributing to our ability to efficiently acquire users and their prescriptions at a relatively ongoing, low ongoing cost due to this evergreen activation and consistency we have in our marketing. We then monetize that via our Rx Marketplace and our Manufacturer Solutions offering. To give you a sense of how and where we reach our audience, we've put together a video, to show you just a few of the places you'll see our brand connecting with consumers.
The medications that they prescribe are very pricey. I was constantly going to the pharmacy, spending money.
When I saw figures of $900 and stuff, I went, "This has to stop." That was about the time I found my GoodRx.
Savings on my asthma medication. All right, round two, baby, round two!
GoodRx is here to help with big savings on prescription, cold, and flu meds.
GoodRx has meant that I have control over my care.
GoodRx has made it possible for me to afford what I need to live and be functional.
I feel pretty good, pretty good about life right now. Thank you, GoodRx.
So, it's, y ou know, you hear consumers say, "$900 has got to stop. GoodRx is to the rescue." And I'm really proud of the work that goes into showing up consistently across all those platforms. Tonality, our yellow, our voice, this room that you're immersed in, the yellow and the ceiling, all of it is kind of carefully crafted to make sure that we show up consistently, consistently. But even more important than that is having real voices. The faces on these pillars, in the videos you've seen today, these are real customers. These are the real pain points they're dealing with. These are the real stories and the savings we provide. So building the highly effective marketing program behind this video is only possible through focused execution of our strategic plan, and I'll take you through that plan.
So number one, we want to clearly connect our investments to our most important enterprise goal, which is driving claims. Number two, we want to clearly efficiently support our partners, from retail to manufacturers and everyone in between that spectrum. We want to win consumer segments with larger drug baskets and more frequent fill cycles. We want to win and grow advocacy from HCPs, given their critical role in our industry. We want to integrate our communication, so we're consistent across these channels and surfaces. We continually test and learn and improve our marketing engine as any really strong marketing team would do. But underpinning everything we do as a company, not just as a marketing team, is building the GoodRx brand. GoodRx is earning the trust and affinity of tens of millions, and we take brand stewardship very seriously.
In fact, when we do our marketing one-on-ones and I onboard people into the company, this is a first slide: that everyone's job in the company is brand stewardship. So now that you understand the key goals, let me highlight how we're working to activate them day to day. Our core efforts here can be grouped in three areas. One is just to know our audience and know what we know about them and use that effectively. We want to use that to build top-of-mind awareness and actual intention to use. It's one thing to know about something. It's an entirely different thing for that to resonate and have a plan to use it when it matters. And when you do choose to use it, we want to be available and easy to find when consumers are ready to take action and save. Let me go through these.
So we think about our audience, the who part of this, in two broad categories. One is the consumer, the end user of the product, and the other is the healthcare professional, a key constituency in facilitating this relationship that we have with consumers. So who are our consumers, that first group? Our audience hails from all walks of life, but we generally believe they reflect the national population of the United States at this point. That's the size and impact of our brand. These folks are mostly insured. Over 90% of GoodRx users have some form of insurance. Our research shows that they have moderate income. We estimate that more than 70% have annual household incomes of greater than $50,000, and a third have annual household incomes of over $100,000. They represent all ages.
18-64 is the age range for 64% of our users, and they skew slightly female. Now, the one characteristic that unites all of these people is that they save money with us. They save money with GoodRx. And the fact that virtually everybody in this country can save with GoodRx at some point, maybe frequently, highlights what a tremendous business this really is. It's the power of what we do. So how do we utilize that understanding of the consumer in our marketing? As Scott mentioned, we can help anyone who can take medication, but some segments do have a higher propensity to use GoodRx. In particular, those who are underinsured or have higher deductible benefit plans, those with maybe lower income, and those on multiple medications disproportionately benefit from what GoodRx has to offer.
We use models and our understanding of that data to build an understanding of profiles of users to make sure we have the best messages possible when we reach out to them. For example, a consumer who claims on a one-time antibiotic, like amoxicillin for an ear infection, won't need the same messaging as a consumer who regularly fills a statin. A statin is something for a heart ailment like hypertension. So we're focused on engaging these qualified consumers, and our coverage along their journey also helps us win with another important segment, which is the occasional user. We want those really valuable users, but we do things to really also activate the occasional user as well. For healthcare professionals, that other population are really important people we focus on. We don't just think about the prescriber, but everyone who surrounds this patient.
We've looked at things like nurses and office staff, pharmacists and pharmacy technicians, and other healthcare advocates. The prescriber is the one who writes the prescription. They have their name on the pad, but they're not the only one who counsels the patient, sometimes not at all, on cost and access due to how busy they are. Our strategies are designed to engage everyone who helps patients in and around the point of care, all the way to the pharmacy counter. And so HCPs are a critical, critical audience for us. We believe that by far, they are the most influential voices, with our end users. As Mike and Divya mentioned in our HCP audience, sections there and, brand savings and Rx Marketplace, we believe this HCP audience is high intent.
We believe that HCPs often recommend GoodRx to patients in and around the point of prescribing. We hear this from those HCPs, and we see it in our data, that 75% of GoodRx HCP sessions occurring during business hours when they're with patients. And so when we ask patients how they hear about GoodRx, the number one source given, from HCPs. That's the number one place. And three of the top six sources we hear from patients, as referral, 50% of the top six are from healthcare professionals in general. And this is why we invest significant time with HCPs. It's also why our marketing here is really important. Also, just to illustrate this point, let's talk about how we turn this into value. What is the value of an engaged HCP with GoodRx?
Well, when we look at the top decile prescribers, they're associated with approximately half of our total claims. Top decile, half of our claims, making them extremely valuable to us. Not only are HCPs a significant source of patient referral today, but their enthusiasm to promote us in and around the office makes investments in that office really efficient, and that ROI profile is phenomenal, so we've done more this year, especially to focus on HCPs. We've shifted investment, headcount, and development resources to focus on them, and I'm really excited about that plan, and I'll cover off on some of those tactics in just a little bit. All right, another video, but I think it really kinda brings things home for us. So you've seen videos today, but I think this should really excite you on a different level.
To have this type of a B2B, like B2B2C connection as a business is just incredible. So let's hear directly from those HCPs on why they recommend us to patients.
GoodRx has helped healthcare professionals, or HCPs, help their patients fill medications at an affordable price and live healthier lives for over a decade. Today, an estimated 90% of HCPs are aware of GoodRx, and over 750,000 unique HCPs used GoodRx in 2023. We continue to prioritize their needs and reduce friction, and they continue to be strong advocates of our brand. Our exceptionally high HCP Net Promoter Score of 84 is a testament to the value we bring.
Experience is as important as outcome when it comes to patient care. GoodRx enables my patients to have a much better experience. That experience translates to how happy they are, and how happy they are is the most important thing for me. At this point, it's an invaluable part of my practice.
Price is a huge part of the problem, regardless of my patients' socioeconomic status. All my patients use GoodRx, and all my patients benefit. GoodRx helps alleviate a lot of the pain points at the pharmacy.
Unfortunately, there are a lot of times when patients have to walk away from the pharmacy because they're not able to pay for a medication. It's truly heartbreaking because it shouldn't come between a cost and needing proper healthcare.
GoodRx provides great discounts for patients that otherwise would not be able to afford their medication.
I've turned to GoodRx to help with trying to find cheaper alternatives or options for them. Some patients have been shocked by the price that GoodRx can save them. I've seen people being like: "Wow, that's so much savings!
If I could say something to the GoodRx team, I would say thank you.
Thank you so much for really being able to help me help my patients. The prices are really great, and it saves people money.
Keep going, keep helping. One healthcare win is a win for all of us.
It's really powerful to hear directly from HCPs about how we're helping their patients. That end state of where they wanna be, which is patient happiness and patients on a road to recovery or getting better, feeling better about their lives. And that's why they're strong advocates. That's why they run up to the booth, and they don't try to hide from the booth when we're at a conference. They wanna talk to us. They wanna tell us how much we mean to them and their, their patient population. So now that we've established who we're reaching, the consumer and the HCP, I'll take you through how we actually do that in the field in our marketing.
So it's important to realize in this business that refills come in 30- to 90-day intervals for patients that are already on medicine, and it's really impossible to predict when someone will be put on a new medication exactly. So we can't overly focus on lower funnel or direct response and people that are gonna go to the pharmacy right now. We need to also build awareness among those who will likely have an event and need in the future. And so our goals in marketing are really twofold: We want to raise awareness of our solutions and build intention to use us, we want to resonate, and we want to be easy to use in and around the moments where prescriptions are written and filled. And we believe these goals help us maintain a healthy balance between consumers available to us today and consumers tomorrow as well.
Going deeper, we use a marketing strategy that's designed to surround the consumer, so GoodRx is top of mind as they manage these conditions. We do this with integrated marketing campaigns. We want to efficiently reach relevant segments at appropriate frequencies. We have consistency in our brand look and feel, and we tailor messages to these different channels and the ad types within them, so they're specific to the need state there in that journey moment. In terms of specific strategies, we think about our categories of activations in three really distinct categories. There's this upper funnel area, there's point of care, and then there's lower funnel marketing. So let's start with upper funnel. Our goal here, as I've mentioned before, is to build that awareness and intent to use.
Channels, video, audio tactics like podcasting and streaming services, social, native content, earned media, PR, and things we do to nurture word of mouth and SEO. The key isn't where we invest, but how we choose to use these mediums. We believe that investments in native content, earned media, and PR especially, are really good examples of efficient ways of reaching people at scale without always having to rely on paid dollars. Next, point-of-care. You've heard how critical this population of HCPs are for us and how critical their influence is. So we've put tremendous effort into HCP engagement, raising awareness and education, and surrounding that office and the journeys within that office with GoodRx saving solutions.
Some of the tactics we do put in the point of care are physical collateral, like posters for the specialty with QR codes that are easily scannable, savings cards that can be taken out of a tray and used at the point of sale at the pharmacy counter, and savings one-sheeters, which is just a cheat sheet for doctors to see what prices have changed regionally in their specialty. Other tactics are point of care media, like screens, active digital screens. We use field reps to visit doctors. We are integrated into EHRs, and we're in conferences, which you saw a video of. Lower funnel, this is a typical kind of performance marketing engine. This is very focused on conversion, taking that script that's written and converting it into a script filled with GoodRx.
Specific tactics here, paid search, paid social, direct mail, programmatic display, CRM, app marketing, and one thing that's really unique, which is our point of sale incentives. Now, a point of sale incentive is kind of this added discount that we can apply to drive incremental consumer action. What kind of action? Well, an example might be that we want to get that first fill. We really want to win that first trip and get someone to that 80% refill cycle. So that could be an area where we could use that. Another area is first-party data is important, and it's only going to become more important in the, in the future. And so we might add an incentive to get someone to register and create an account with GoodRx, make them contactable, so we can use CRM.
We believe that, or financially, it's important to point out, and Karsten will cover this too, but point of sale incentives are different from a traditional marketing expense. Point of sale is a contra revenue expense, or contra revenue, not an expense. We believe that maintaining a diversified approach to our consumer acquisition is important, so we're not overly reliant on one channel. We've seen that many of these channels, upper funnel, lower funnel, everything in between, complement one another. We want to maintain that balance between driving awareness and intent, 'cause that allows us to really unlock the lower funnel and convert users close to the point of prescribing and getting on to GoodRx. All right, so within this funnel that I discussed, we're continuously optimizing our mix in an effort to meet critical financial targets, including payback windows.
We targeted 2x return on ad spend or ROAS within 2 years, and we've consistently broken even in under 8 months on that goal. We do this while contemplating overall corporate profitability as well. Many of you might have a question, how are we doing? Well, I'm happy to share that we operate well within these financial constraints today, and we work closely with our finance team to allocate additional investment where we see there's channel headroom, and we can stay within our margin targets. I'll cover a little bit more about the measurement methodology we use to identify ways of allocating our budget. Okay, so I touched on point of care a little bit ago, but let's go deeper into the actual tactics. This is the aligning teams and budgets this year.
Prescribers, origin point for all patient trips to pharmacies, integrating GoodRx into workflows at the point of care is critically important, and so we have a cross-functional team dedicated to this pursuit. Their goals: number one, grow HCP offices actively recommending GoodRx, and number two, grow the number of claims per each of those active offices. We've got four specific work streams that kind of allow us to unlock those goals. One is to segment prescribers, so we know which specialties and markets are really important for us to win in and around. We want to drive HCP platform enrollment through digital and field marketing. We want to offer HCPs a personalized experience that is digital-first, so they can assist patients easily. We want to own Rx savings at this point of prescribing, and with patient resources.
We believe these four pillars will help us build long-lasting, digital-first connections with HCPs and their offices, and the patients who go to those offices. It'll be much easier for them to save with GoodRx. Now that we've talked about where we invest time, the who we're trying to reach with our marketing, let's talk about what goes into the actual messages that we put in our ads, what we say to people. We really strive to resonate with people. We do that through three things. It's relevance, personalization, and being authentic. It takes discipline to actually pull this off. For relevance, we create campaigns and messaging specific to geographies, conditions, pharmacy preferences. These are all catalysts that create savings moments. For heart health, you saw earlier on a slide how important heart conditions are to this business.
So this was the number one condition for us in this effort. Heart health, this campaign was built not only on our incredible messaging and pricing, savings of 30 of the most common heart meds for under $30, but we leveraged the weight of our publishing arm and the power of organic content to attract and delight consumers as well. We believe that leveraging and integrating content into our marketing continuously can improve conversion rates, and it reduces the burden in the short term and the long term on paid media to stay visible. This campaign's media and content efforts were complemented by unique patient flows on the website, including a homepage feature. So if you didn't click on this ad and you came to the homepage later, you'd still see consistent messaging.
The timing, which is a really important thing to get right in marketing, aligned with the February American Heart Month, and that's when other efforts nationally were backed by the National Institutes of Health, and they were live across the industry. We want to ride that wave, with everyone else. And so as we increase usage of our marketplace, and, influence consumers, we also increase value for pharma manufacturers as well. We frequently partner with manufacturers around these seasonal moments to build relevancy for their brands and the drugs that are important to them. And here's one example of how we integrated a particular manufacturer's, allergy medication around allergy season. This is, the homepage feature I was mentioning. We also support Manufacturer Solutions outside of these seasonal campaigns.
In the case of Lantus, a really important partner for us is the manufacturer, Sanofi, of this drug, and we work with them to lower the cost to $35. We also supported this launch through press releases, organic social, landing pages and funnels, and paid media to really grow this. Beyond Manufacturer Solutions, marketing works closely as well with our retail partners. Now, in this example, Walgreens and GoodRx partnered together to lower the cost on nearly 200 common prescriptions, and we leveraged these same marketing channels, PR content, CRM, and paid, to get in front of the consumers who are likely to use Walgreens or benefit from these savings. Our team supports hundreds of programs like this each year, with more on the horizon, especially as we implement the retail strategy that Mike had mentioned a bit earlier. Personalization.
Personalization can take lots of forms, but one really important one for us is regional integration of our data. And doing that at the point of care is an obvious place where we need to do this well. And that's not just relevant to the HCPs in these offices, it's also the consumers that walk through them. This is an example of execution in Houston, where we call out things like 60,000 Houston providers, and specifically $338 saved on average from a consumer in the Houston area, just to make it a little bit more personal and resonant. As I mentioned earlier, we believe as well that editorial content is an important asset for us, and what we say there matters a lot.
It shows consumers that we can help them beyond the transaction, and it also serves as a strong magnet to pull them into our prescription funnels. We also enlist the voices of consumers, you've heard them. We've also, our partners, and GoodRx thought leaders to power our evergreen content machine and build our savings value proposition. We believe that through using real savings data and even better, real patient and HCP stories, we are authentic. We resonate with our audience. This also helps normalize this important thing, which is price checking for medicine before you go to the pharmacy and you're standing at the counter. It shows our audiences versus just telling them that our discounts are real, that savings is easy, and this is a tool that anyone can use or partner with.
Content here generates tens of thousands of engagements for us on an average monthly basis, and you can see it if you're in our social platforms, and that's in the form of clicks, saves, shares, likes, and everything, everything else out there. So let's take a step back and think about the consumer journey for a second. We need to make consumers aware, which I covered earlier. We have to transition that awareness into an activation and make sure they have a positive experience, and then we want to keep that cycle going. We want to make sure they come back and use us for refills, and they add things to their drug basket over time.
We've talked in depth about marketing in the context of acquisition, but as you heard earlier, given any month out there, 80% of our monthly claims come from repeat use, and we engage with these users differently than we do with newly acquired users. One exciting example of how we retain and grow utilization is through incentive personalization. This is activating on that point-of-sale incentive that I mentioned earlier. Just this quarter, we launched new capabilities that allow us to personalize ads messaging with incentive-based creative, and ad copy that drives urgency and for a limited time, and we connect that all the way through to the experience on the site.
When a user engages with an ad like that, and they go to the site and they type in a drug, that incentive follows them all the way down to the drug page, at the price page, where they're given that offer for signing up and saving. This seamless experience ties pre- and post-click together, which is immensely important in a world of active marketing, and it's being used now for basket expansion and reactivation of churned or dormant consumers. We're really excited about this work and using it in more places as we focus on different priority segments this year. We'll, of course, balance and tune the offer and incentive to align with the financials associated with the segments we're pursuing, so they make sense economically.
Now, the more effective our engagement with the consumer along their journey, the greater the opportunity to convert them, not as a customer once, but ongoing. This is where we use that first-party data. We focus on member registration and delivering value to users through rewards, CRM campaigns, price savings awareness, personalized saving statements, especially at the end of the year, so you get a nice wrap of how much you save at GoodRx, and notifications that live in our Medicine Cabinet around refills and refill reminders. We also build campaigns that leverage direct member messaging through CRM to stay relevant and assistive throughout the year. We know that this consumer journey is a nonlinear one, and we leverage those organic tactics as kind of mortar to fill in our paid marketing when we're not always on everywhere, all the time.
We use this content to navigate news and social platforms with content that is important for consumers to see. We publish hundreds of articles a month relevant to consumers' broad healthcare interests and wellness, needs, and HCPs actually use this content too, when they're working with patients. This content not only drives traffic, but we use it in channels like social, because we believe it's a compelling on-ramp for potential consumer acquisition. Ads, people can get banner blind. It can get too repetitive, and so having a really well-placed story, that resonates, is thumb-stopping, can get someone to actually click through, come to the site, read the article, and then we try to move them into our prescription funnels.
Content investment is an annuity that continues to pay dividends for us ongoing through our health property. Looking back at everything we are doing to stay visible to consumers, it's clearly complicated and multifaceted. It's critical that we have a real-time understanding of what's working and what needs further optimization. This is our measurement infrastructure. To that end, we've built these measurement tools in-house that assess the marginal return of each dollar that we spend, and we do that by combining things like direct attribution, experimentation, just like lift analysis, if you've heard it that way, and statistical modeling, sometimes called econometrics.
We have redundancies in these tools that help us find these causal moments and help us confirm accuracy in our investments, that we're directing them at the right place, where we think it drives the most financial return for our business incrementally and benefits other operational metrics as well. Even more, and this is really important, we look at the total economic impact of our paid marketing. We don't just look at the Rx Marketplace revenue, but we also look at the manufacture solution side of the house, too, and we link those revenue elements together and tie them to our paid activations. None of this would be possible without our immense and significant investment in first-party data and our data infrastructure and technology with Nitin, which Nitin will cover here soon.
So, in conclusion, we've been working on this for 10 years: sustained, relentless, evergreen marketing, and we've used that to become the specific destination for prescription savings. We have a strong understanding of our consumers and the needs of those consumers and the needs of their HCPs. We use that understanding to reach them at key points throughout the journey, building intention to use and driving scripts when they're written. Our brand reputation allows us to market at the point of care and the point of sale using differentiated creative and savings value propositions that we believe only we can provide. Our content efforts and ability to literally harness voices of consumers helps keep us relevant, builds trust, and creates a groundswell word-of-mouth that can drive our brand organically 24/7.
Finally, all of this effort, backed by a strategic media investment, technology and data, and an incredibly talented team, and they're all laser-focused on driving clear and efficient financial returns for this company, and we have headroom left to continue growing. We're incredibly proud to have cultivated a brand that resonates with consumers and HCPs that is GoodRx. You've seen several examples today, in and around you here in this room, even, and I'd invite you, you know, see our consumer and HCP testimonials for yourself. Please follow us, share, propagate the real GoodRx effect. It's not just the paper. It's out there, it's happening, and you can see it. So now I'll hand this to Nitin Shingate, our CTO, who will explain how our technology capabilities power marketing and create real advantage for our company holistically. Nitin's a great CTO for GoodRx.
He deeply understands the healthcare space, the complexities of healthcare technology, and he has significant experience in connected marketplaces, which is incredibly important for our business. Marketing partners closely with this team. We're key customers of the Nitin team in product engineering and design, and our work together really helps us create a significant impact in consumers' lives and reduces friction in the pharmacy system for HCPs, the pharmacies themselves, and pharma. Nitin?
I think it's good for everyone that you listen a lot of information from Scott, Mike, Divya, and everyone was touching all the portion about what we do here is supported by technology and product. I want to make sure that I'm going to spend some few minutes to explain you the technology platform and how we're doing in this, in this market. First, let me tell you about myself. I am Nitin Shingate, GoodRx Chief Technology Officer. I'm happy to be here today and share my vision for GoodRx as a technology and product innovation company. I've been at the GoodRx for last three years, managing the product and technology team in order to improve the patient access, adherence to the medication, and the frictionless experience in the pharmacy ecosystem. I spent last 20+ years .
as a CTO, as well as a senior product and engineering roles at a variety of different companies, including in the technology and healthcare space. Let me assure you that I have a lot more healthcare experience, as I can tell you, but today is not a time because it's a very limited time. But the way we are building our product and technology is really awesome, and we're doing great job, and I can assure that we are totally focused to do better. I'm here today representing product and technology team, who is constantly pushing the boundaries and developing the new innovative solutions that makes a real difference in people's lives. So let me highlight the makeup of my team. We have a combination of team members who have experience in customer internet space as well as healthcare technology space.
The blending of these two backgrounds is why I believe the consumer and HCPs love using our product. In a healthcare product, the user experience can be challenging, which is why focus on building a frictionless, mobile-first experience that is distinct and secure is very important. With that in mind, let's talk about the three things I believe makes a particularly unique technology and product. First one is the interconnectivity. GoodRx is a platform that connects across the entire pharmacy ecosystem, and you can consider this as a plug-and-play, which a platform that has a prescription experience in the back of our mind. The second one is our Holy Grail, which is called proprietary prescription technology, and we can talk about this in a little bit more detail.
But this is a technology across, touches the multiple points across the prescription journey that we believe elevates the experience and add values for all constituents. And the third is scale first-party data. As you know, we collect so many sources from the first-party data to create meaningful value for our consumers, HCPs, pharmacy ecosystem partners, and as our business operation that grows daily. These three distinct advantages makes us complex simple. So by leveraging the interconnectivity across the ecosystem with overlaying our proprietary technology and using our data, first-party data, it creates a better user experience, as well as it's the whole ecosystem is very powerful and easy to use. Let me start going a little bit detail about the ability to connect, about the interconnectivity, how we connect across the pharmacy ecosystem, which is a key differentiator for our business.
We have spent over a decade building the relationships and the technology partnerships that enables us to do what we do today. Many of these partnerships are multi-billion-dollar organizations that takes time to establish, as well as credibility. So let me explain to you about we have direct connections with pharmacies, PBMs, switches, claim adjudicators, payment processing and reconcilers, data analytics providers, electronic health records, many more. So our 40+ direct connections in, in this space are important for us to provide the foundation upon which we can deliver accurate pricing, reliability, and redundancy of all our services. We believe that anyone is trying to enter into this space would take years and years to replicate the relationships and perhaps even harder to build the pipes with the different systems. Now, let me transition to our proprietary technology.
This is our holy grail, and I'm going to tell you more detail about this. This is divided into four parts. One is the routing engine, second one is the pricing engine, third one is our drug price page, and fourth is our mobile experience. Let me go a little bit deep on the routing engine. So we have a proprietary prescription technology that sits in the middle of the ecosystem of the pharmacy transaction. So as you know that when you are at the pharmacy counter, the transaction goes from your pharmacy terminal to the back end of our whole system to adjudicate the claims before you get the price.
That's really important that we connect with so many people in this case, like it connects with the pharmacy, it connects with a B2B integrated ISP solutions, it connects to the switches, it connects to the multiple PBMs. The underlying layer is that we provide, actually, the—this ecosystem provide a common interface, or we call as a common response, which is a standardized information to help the user to save at the prescription cost. While this sounds very complicated, but it all manifests at the pharmacy counter in a simple and transparent price point at the GoodRx app or on our website. This routing engine is all in one. I can say in a simple word, is a one payment solution that reduces the friction and simplifies the consumer and the pharmacist experience. Now, let me move to the next one, to the pricing engine.
So our ability to route the transaction effectively relies on our ability to deliver accurate and optimal prices. This is where powerful pricing engine plays a very, very important role. There are two main elements in this. One is the accuracy, and the second one is the optimization. So let me explain what does accuracy means. Accuracy is that what we are showing the prices that are correct and abide by the rules of contracts. To do this, we have to combine the elements of contract managements, external data ingestions, and the drug retail optimization. Then we ensure that the price presented to the consumer is indeed the price that consumer pays at the pharmacy counter. This is complicated, but it's at table stakes.
The real magic comes into the optimization and how do we ensure that the price that we are showing, which is most optimal for the consumers, pharmacies, and ourselves? Our pricing tech optimization technology is built with a lot of machine learning algorithms. As you know, you guys must be doing a lot of revelations about the AI and machine learning because of the ChatGPT, as well as the Vertex AI. We use a lot of machine learning algorithms. Let me give you some flavors. It is linear optimization. We use a lot more pricing elasticity, deep learning, as well as the propensity models. I can go a lot more detail, but not today. Just wanted to give you a little bit flavor on that. How does it works, and what's the purpose? First is the important, we want to make sure that the prices are optimization.
We want to make sure the conversions, first-fill conversions are important, and the last one is medical adherence. These models have lot many inputs. When I increase the number of inputs, it gives a lot more data, so a lot more results. So one is the website data, the behavioral data, pricing elasticity, user experience, how they are doing, which pages they are visiting it, what is the relative price compared to their insurance price, as well as a lot of data analytics data. So these are inputs, and all these things are done at a high level of automation so that the right pricing decisions are made at scale. I meant to explain to you what scale is, because we can run many, many algorithms parallelly. For that, that is why I'm saying more scale is needed.
What is the end impact is, this allows our web experience or our mobile experience to deliver the offers, such as incentives, POS rebates, or give the different price experience. As you must have heard from Mike, as well as Scott, that we're doing the lot more personalization pricing capability, that we are trying to deliver in a very short term. Let me explain to you what that means. This would take me a little bit, that it's not just related to the drug, the pharmacy, as well as the product combination, but it would take step further to reflect individual's preference. When we know your preference, we can make sure that we get much, much better personalization.
So in addition to our advancing this pricing engine, which we built, we want to make sure that our routing engine has to be the next level. As I said, we have multiple individual models we are running it. We want to support as well as test and measure the impact of our claims on a regular basis, as well as parallelly, which we have. I can tell you, it's a unique ability for this company to do it at scale. So these advancements, I just want to tell you guys, this is not trivial, given that if you know the pharmacy ecosystem, it's a 25-30-year-old technology in most of the pharmacy ecosystem. I don't know whether you know, NCPDP protocol, which is a binary protocol, most of the people may not know about this, but I'm telling you, it's pretty old technology.
So these are our key back-end assets, but believe it or not, we have a front end, which is very, very critical asset for which makes us different. Our drug price page. As Divya said, there is a generic drug price page, there is a brand drug price page, which we talked many times today, is really our heart and soul of our technology. We nearly had almost 140 million unique price page sessions in 2023. These price page is our key asset that enables us to deliver the value to pharmacies, pharma companies, and consumer. Let me explain you. This page is very, very adaptable, with the different configurations that contemplates pharmacy preference, geography, relative price between the pharmacies, and drug trial.
We are constantly iterating on this page in an effort to ensure it is engaging, it's converting, and self-optimizing with the AI and machine learning algorithms. We're also exploring AI and the insurance integration use cases to make our price page as valuable, as forward-looking as possible. With 75% of our sessions coming from mobile web on also on our app, we build mobile first mindset that is expected in the consumer Internet, but often lacking in the healthcare. As you saw, a lot of ratings about our iOS and Android app has 4.8 stars and 900,000 combined reviews. So clearly, we are doing something really right. Our apps are designed to easy to use. Let me explain you that, we are using universal authentication, so when you are across the different platform, we can have a seamless experience for our user.
We are building some native capabilities, such as wallet integration, which you must have seen a lot of airline tickets, which put in your wallet or any tickets, and when you're closer to the airport, it pops up. Similar thing, we build it for the cards, which we are using it for our consumers. When they're near to the pharmacy system, pharmacy location, it comes up, and they can use it at the pharmacy terminal. We are also exploring the capabilities, such as the App Clips on iOS and Instant Apps on Android, which reduces the friction at the pharmacy. I can tell you what the App Clips is, because many of the people don't have the apps installed, and we wanted to make sure they get first experience without installing the apps, which is a shorter version of apps.
By scanning the QR code, they can easily use it at pharmacy counter. So these are the things where we are trying to reduce the friction as much as possible. You must have heard from Mike that we are mostly focusing on e-commerce capabilities that we're talking on, and we are very excited that we are working on some of the initiatives which will come pretty shortly. Scott was mentioning to you guys that there's a friction at prescription journey, which is the manual entry of the BIN/PCN, which is just like a credit card numbers. To use your CVV, your complete card number, then you use your ZIP code. Similarly, we have to use a BIN/PCN, in this case, for pharmacy to use our card. And this is a painful experience because it's a lot of friction.
So what we are trying to think here is, we're working with a lot of hardware and software partners to enable the one ingestion of the card data into directly POS terminals, via touchless NFC readers in pharmacies and API integration. I'm happy to say that we just received first partner who is willing to work with us, and there's a contract which we signed just yesterday to make sure that this experience will pretty soon get it into some of the pharmacies as well as to the, so that pharmacies will—pharmacists will save a lot of time at the counter, and the consumer will get better experience. Furthermore, we are also working on the apps, which connects beyond GoodRx and into the broader healthcare system. Let me explain you.
We are integrating with Apple's Health app to pull these prescriptions and the EHR-integrated platforms, which will enable GoodRx to be a cross-platform patient adherence hub. So this is going to be a pretty strong influence because this will increase the adherence, this will increase a lot more push notifications, and I want to make sure that this is coming pretty fast. Now, let me talk about a little bit on the data side, which is very critical because that's one of the portions which we started talking about. So we have a massive pool of first-party data from our multiple products and services. We have consumers. HCPs use our data, nearly 350 million site visits across website and apps in 2023. We get almost 100 million claims data annually, paid claims, w hich is unique identifier for the prescripti on.
Also, we also have de-identified third-party data, which is covering 3 billion annual pharmacy claim, which includes the insurance as well as the competitor data to get all the information to us. This is all have a self-sustaining feedback loop that help us to continuously improve our data and the business. So we see our ability to leverage aggregated data at a scale as an advantage, and we are incredibly proud of the technology that we built over the last 10 years, 10+ years, and we strongly believe that putting the consumer first has enabled us to elevate the prescription experience by the making complex very simple, and we're excited to continue to build over the next 10+ years.
We are confident that because of the year continued investment we made at scale, we have sustainable advantage. While the investment has been made, its benefits are continue to drive our growth and margin expansions going forward. Now, let me hand over to Karsten Voermann, our CFO, to discuss our long-term financial expectation for the business. As you know, Karsten is very operationally minded CFO, who focuses on driving performance. No one wants to drive the business and investor value more than Karsten, so I'm sure his views, his perspective will be very helpful for you guys to form your own views about the GoodRx upside potential. Thank you very much.
Hey, folks. Thank you, Nitin, first of all. I'm Karsten, I'm the CFO here at GoodRx, and I'm fortunate insofar as I think I know pretty much everybody in the room, which is, i t's a pleasure to see you all and really grateful you all joined us. For those of you who don't know, I joined GoodRx about four years ago prior to our IPO, after holding a variety of CFO roles in other companies, including Ibotta, which is a B2B and B2C marketplace, Mercury Payment Systems, which, like GoodRx, is a high transaction volume tech company. And I was really drawn to GoodRx for a couple of reasons. First of all, as you heard from pretty much all of us who spoke today, the mission's as compelling to us as it is to many of our users, so really grateful for that.
More importantly, as a CFO, it's also because GoodRx is a great business. GoodRx has an amazing foundation of high cash flow and high Adjusted EBITDA margins or profitability, which is once again combined with revenue growth and even faster Adjusted EBITDA growth. So for me, that was exciting back then. It's equally exciting today. In fact, as I stand here today, I can say that the business has evolved really significantly since our IPO in 2020. It's especially evolved in an even faster rate, I'd say, over the last 12 months since Scott joined us, about a year ago or so, with a return to top-line growth and a return to margin accretion.
I'm the most excited I've ever been about GoodRx's prospects now, and so I'm gonna tell you a little bit about why, and that's gonna translate everything you've heard so far into our views on how it impacts the financials and our expectations for the next few years. You heard from a bunch of our senior folks today about our business model. We talked about large TAM, large SAM, the evolution of the model, our strategic priorities, opportunities for growth, et cetera. The goal now is just to translate that into the financials, and then we'll move on to questions after that. Let's start by framing up sort of the unique characteristics that GoodRx has that define our investment thesis, and I'll get out of the way of the slide for a sec.
As our team has shown today, we believe that the unique and compelling characteristics of GoodRx are ones that relate to the value proposition and its durability, first of all, for value chain constituents like pharmacies and pharma companies in particular, and you see some of that manifested even in the recent announcement we made this morning in relation to Kroger. Transforming how we deliver value to pharmacies has been a key focus for the last couple of years, and we believe that we're in an incredibly strong position now. As Ryan mentioned, we've also invested over $1 billion into the brand and into marketing over the past decade. That $1 billion didn't stop having value yesterday.
That has continuous value moving forward, given the nature of the assets like Ryan talked about, and that's money that has been invested that benefits us and benefits our investors going forward. We're loved by consumers and HCPs, and we've got a brand that has become synonymous with prescription savings. We believe that the historical investments we've made create an enviable platform, and the awareness and goodwill is gonna be valuable to us for quite some time. The market that we play in has a huge and growing, approximately $13 billion SAM, and today, our penetration's only in the mid-single digits. That holds true for both our prescription transactions market offering and our Manufacturer Solutions offering. We believe that by delivering on the key priorities Scott shared earlier, consistent with our historical trajectory, we're gonna be able to capture more of that SAM.
We believe our financial profile is attractive and poised to become better with accelerating top-line growth, expanding margins, and continued significant cash generation. Over the past 12 months, we began to see positive momentum in the business, both financially and operationally. In the third quarter of 2023, we returned to growth in an adjusted revenue basis. In the fourth quarter, that accelerated to about 7%, and in the first quarter of 2024, it accelerated even further to 8% in a year-over-year adjusted revenue basis, and EBITDA margin grew, too, to 31.7%, which was a full 280 basis points relative to the year before, with adjusted EBITDA dollars growing 18% relative to the year before, so quite rapidly.
That's in a context where the sunsetting of our Kroger Savings Club in July 2024, the wind down of vitaCare, which was part of our Manufacturer Solutions offering, a hub services thing, last fall. Those two things together meant that there's less contribution from both of those in Q1 of 2024 than there was in Q1 of 2023. Plus, as Ryan mentioned, when he's talking a lot about point of sale discounts that we use to catalyze user actions, whether it's filling the first script, filling an incremental script, I think Ryan talked about both those things. Those, those items, those point of sale discounts, are accounted for as a reduction in revenue, like coupons, and from that perspective, they represent almost $10 million more in 2024 than they did in 2023.
All of these tempered our Q1 revenue growth from where it might have otherwise been. You've also heard about the strong traction that we've had with direct contracting with pharmacies as part of our flexible hybrid model, which aligns pharmacies incentives with our own. Direct contracting, though, has not significantly impacted our revenue per MAC or per claim. If you follow that over the past few quarters, it's, it's been quite stable or consistent for the last few quarters. That's one of the reasons we've seen adjusted EBITDA margins continue to accrete over the last while. We've brought the benefit of GoodRx to commercial insurance programs as well, and that's through Integrated Savings Program that Mike was talking about at some length, and Scott foreshadowed as well. We're now working with our longstanding PBM partners, think Navitus, ESI, MedImpact, and of course, Caremark as well.
But we've been working with our longstanding PBM partners even more closely than we have in the past. These folks cover about 60% of eligible U.S. lives, and they allow us to, in combination, seamlessly deliver our compelling prescription discounts to their plan sponsors' employees. It's a way for us to variabilize customer acquisition costs, which I love as a CFO, instead of paying it upfront like we do in our B2C business. In that model, we also importantly, much more than the MAC, access just more of the market that we wouldn't otherwise have to be able to reach or haven't previously tapped.
We also believe that the ISP program generally showcases another important thing, which is that direct contracting and the direct contracting model hasn't impacted the desire of PBMs to work with us even more closely now that we're paired up in these programs. In our Pharma Manufacturer Solutions offering, we continue to be focused on deal quality and standardized go-to-market programs, which we expect to scale rapidly and sustainably. Aaron, Aaron and Divya discussed a lot of that. For example, leaning into differentiated programs like the one Divya talked about, in particular, like our brand drug point-of-sale discount solutions, which are really important to manufacturers and to us, with, y ou saw that chart with the growth from sub-5 to over 30 in market in a period of tim e.
We... of our vitaCare Manufacturer Solutions offering, and that's contributed to the margin growth, too, because that had been a drag on margins for a period of time. Briefly touching on balance sheet before I get into more detail on some of these other elements. We have a strong balance sheet, $533 million of cash and cash equivalents at the end of the first quarter. So, jumping into the P&L and getting into a little more detail, as you can see, since the first quarter of 2023, adjusted revenues continued to grow with great flow-through, driving Adjusted EBITDA expansion as well. Our Adjusted EBITDA margin went from the high 20% range in 2023 to almost 32% in the first quarter of 2024. We've been consistently executing against meeting or exceeding the guidance we've provided as well.
Looking ahead, we're focused on sustainable and profitable revenue growth. On our earnings call last week, we gave Q2 guidance on the adjusted revenue side of approximately $200 million and adjusted EBITDA margins in the low 30s% range. For the full year, we're targeting revenue of $800 million-$810 million top line on an adjusted revenue basis, representing approximately 6% growth at the midpoint. As we discussed on the 1Q earnings call as well, our 2024 growth is tempered by the same things that I mentioned in the context of first quarter. Namely, the vitaCare restructuring, the Kroger Savings Club wind down that we're doing around the middle of the year, continued investments in consumer incentives that shift P&L geography from S&M to contra revenue, et cetera.
Those elements together sum up to $25 million or so, which is significant, and this isn't even considering the impacts of things like the Change Healthcare switch issues, which while not super material, still impact us by $a few million for the rest of the year. So moving on from where we are now to sort of the future and expanding the time horizon we're talking about, for 2025 and beyond, we don't expect similar cuts to our offerings to impact revenue. So we'd anticipate our revenue growth to be a few percentage points higher than our 2024 adjusted revenue growth guidance, which again, is 6% at the midpoint for all those factors.
That's part of the basis for why over the next three years, we're expecting a top-line CAGR of 6%-12%, depending on how our initiatives that you heard about today, like ISP, hybrid, and direct contracting, and Pharma Manufacturer Solutions are gonna inflect. We also believe there are incremental opportunities for upside that could manifest and drive the range higher. I'll recap some of them, but the rest of the team already spoke about them. For adjusted EBITDA margin, we're targeting a step-up to over 35% as we focus on continued margin expansion. In large part, that happens due to the strong flow-through of revenue to adjusted EBITDA. We're still gonna ensure that we're investing in the business significantly and in sufficient basis to support our longer-term growth strategy. But even with that, the flow-through continues to be excellent.
Based on these assumptions, we believe that we can return to being a Rule of 40 company, like Scott mentioned right at the beginning, just to bookend that comment. Now, let's look at the three key drivers of that growth, and we'll use the same illustrative concept that Scott shared earlier, and Mike relied on a little bit as well, because I think it works really well. First, we make money in our prescription transactions revenue from claims, the same ones that define our monthly active consumers or MACs that we've disclosed since our IPO. So simply claim count multiplied by fee per claim, which is fee per claim being basically like CAC to pharmacies and PBMs are the key drivers. As you'll see in the next slide, we're modeling modest prescription marketplace growth and also modest share growth, which would grow our claims.
Second, we're modeling an expansion of our existing B2B ISP offerings, the one we've talked to at some length today, as we expect to penetrate existing PBM customers further and also add new PBMs to the platform, both of which will grow claims. More detail on that to come, too. And third, we're modeling continued scaling of through selling more of our existing solutions to brands, and also adding more brands and adding more pharma clients. So average fees per client likely go up, number of clients goes up. As shown in this slide, more clients multiplied by more money obviously makes the offering grow.
As the figures above are pretty illustrative, though, I think our folks on our side, our attorneys in particular, would like us to encourage you to refer to our earnings materials and refer to the specific QN guidance we made for specific guidance ranges on each of these offerings. You'll also notice that these don't exactly add up. That's due to rounding. We see the following areas contributing to growth, as shown on this slide. In our marketplace offering, first, like I said, modest prescription market share growth, and second, expansion of our existing B2B ISP offering, and finally, from the continued scaling of ManSol.
In terms of the rough quanta that each of those contribute to the growth range we're talking about, we expect the overall contribution of each of those things to be about equal in their contribution to that 6%-12% goalpost growth range we're putting out there as three-year top-line growth CAGR. These assumptions for growth in each area are importantly consistent with what we've seen in recent periods. So not aberrant, consistent is the big point that you're supposed to take away from all that, and that I hope you do. Beyond that, even on top of these things, we see a real meaty areas of opportunity that we're working on that we could believe could drive incremental outsized results, and those outsized results could take us above the 12% multi-year CAGR that we've been outlining.
So we certainly don't see it as a cap, and we see it as as something that we continue to strive towards driving to and exceeding. First, we've a whole bunch of us have talked about GLP-1s. I'm gonna be really quick on this because of that. Incredibly popular drugs, very expensive, expected to become more popular. Importantly, only about 25% of employers back last year in 2023 covered them for obesity, which obviously huge use case. And affordability solutions are gonna be key, particularly as Aaron said, once the supply-demand imbalances are fully addressed. The affordability solutions become key. That means GoodRx should be the place to go since it's gonna become more and more of a consumer direct category. We're working on solutions now to reduce the cost of GLP-1s and help make them more accessible.
We see this as a huge opportunity for us as we work to become the destination, the with a capital T, destination for more affordable GLP-1s. Next thing I wanna talk about a little bit is expanding the B2B ISP use cases. Effectively, these work to reduce the cost of covered medications for plans, but as we discussed earlier, that's not the end of what this could be. There's a huge problem with drug coverage overall. It was brought up by Scott at the very beginning when we talked about the fact that an average of 650 medications are excluded from the three largest PBMs' 2024 formularies. And as Scott mentioned in his section, too, a majority of patients, I think the stat was 60%, walk away from these at the counter, these non-covered meds.
So we think we're uniquely positioned, is probably the best way to put it, to expand into brand use cases with our B2B ISP program and with our B2B partners, the pharma manufacturers, to help drive meaningful impacts on patients, while also helping to solve PBM challenges, both economic challenges and frankly, challenges in the court of public opinion associated with formulary constraints and the fact that consumer-borne cost is going up. The other potential accelerator that we believe could help get us above that 6-12 range, again, not modeled in like these other things, if we execute on it, is the evolution of our direct and hybrid contracting strategy that you heard a lot from, about from Mike Walsh in particular. And it's clearly working.
As you know from the announcement this morning, we see this as an area of continued focus, and we think particularly with Kroger, not to call out that too specifically, there's gonna be additional incremental opportunity for growth. Before 2022, our volume at Kroger was significantly higher than it is today, as many of you who have been following the company know. Finally, we're also working on new innovation across all aspects of GoodRx. Nitin told you a lot about that. The reality, though, is with new innovation, it's difficult to model out because it's new, so we're not factoring all the innovation work we're doing into our future growth projections. That's incremental. Our investments into these areas we think should be additive, and we're confident in that, or we wouldn't be making them, and we expect the investments to remain consistent with roughly our historical spend.
So that means that there's a lot more work going into things that could add incremental upside. And these are just examples. Like, I'm not trying to be all-encompassing here of all the ideas that we have in the company as drivers, but there's some that we believe have the potential to be really meaningful and really accessible to us. Things like GLP-1 impact, incremental ISP use cases, direct contracting with Kroger in particular, as a potential upside as well. And those are the things that I think could take us to the high end and above the 6-12 CAGR growth range that we've been talking about all day, three-year CAGR growth range. So I'm gonna dive a little deeper into specific drivers, but I'll be quick, 'cause I think we're coming towards Q&A, which I'm looking forward to.
The first growth driver is gonna be growing share in the prescriptions market. As Mike talked about earlier, we believe that by strengthening our pharmacy relationships, delivering pricing automation, and enhancing GoodRx Gold, that's gonna help us achieve that 6%-12%, and again, that's consistent with the trajectory we're on now. I'll note that the prescription market typically grows every year anyway, and we've historically grown faster than the market as we take share, which grows our claims count. Above and beyond that, we're focused on efforts to improve the pharmacy experience through innovation, like the ones Nitin talked about, deliver personalized pricing, grow Kroger claims, which will be incremental, and all of those things we think have the ability to potentially drive us even faster. Our claims-based revenue, importantly, also has high margins and high cash conversion, given it's a largely fixed cost offering.
So again, I say that to point to flow through and the impacts this has on, on our profitability metrics. We see this as an opportunity to expand our Integrated Savings Program as well. We launched the program just last year, as Mike said, so we're still in the early stages of the ISP evolution, and we expect continued growth. Again, that is SAM expanding and largely incremental to our D2C offering. So in other words, very little cannibalization with it, which means that we're accessing new parts of the SAM. We're focused on a few things to grow this faster. One is more PBMs, two is more plan sponsor plans within PBMs, three is pharmacy acceptance, and then the final one that is incredibly valuable to us and largely within our control is optimizing our win rate and increasing that.
In our 6-12 targeted growth range, we're anticipating a growth CAGR of about 60%-90% annually for ISP through 2026 because of all these efforts. And that doesn't contemplate expanding use cases for the ISP pre-program, like the ones I just talked about, such as expanding into non-covered drugs, as opposed to ones that are in our partner PBM's formulary today. Those things could drive the growth rate higher. On our Pharma Manufacturer Solutions offering side, that offering has grown in revenue by about 4x since 2020, so pretty significantly. The CAGR on that's about 60%. As we look forward into the future, we anticipate continued rapid growth in that offering as well, again, driven by winning more top brands, demonstrating our value to pharma, as Divya talked about in some detail, and directly lowering brand drug prices through things like our point-of-sale efforts.
This assumes that current macro trends in pharma ad spend persist, and our, on our Q1 earnings call last week, we guided to revenue and adjusted revenue for this offering of about $105 million-$115 million for 2024. The expected growth rate implied by that guidance, though, is tempered by, again, the vitaCare issue that I brought up a couple times, which contributed high single-digit millions of dollars to our top line in 2023. And just to make the point completely clear, is contributing exactly $0 to 2024. So as you look at growth rates, that's something to consider. We're expecting our trajectory over the next few years of Pharma ManSol to be consistent with the implied growth rate of that offering, excluding vitaCare, which is why I spent a little time talking about vitaCare. So again, excluding that from the denominator.
We're focused on deal quality and standardized go-to-market programs, so those things we think are gonna scale rapidly and sustainably, and we look forward to continuing growth of the offering, targeting 20%-30% annually over the next three-year period. So overall, we expect our foundational and planned growth initiatives, the ones that I talked about being included, to result in a long-term growth projection of about 4%-9% for our pharma for our prescriptions marketplace offering, and then that's complemented by 20%-30% growth for our Pharma Manufacturer Solutions. And that combines, given that the prescription transactions offering is larger, to a combined rate of about 6%-12%, which is the goalpost again that we've all been talking about, before any incremental opportunities for upside that could drive those rates potentially higher.
As we accelerate our revenue growth, we expect to see operating leverage result from it, with a high flow-through of that incremental revenue to adjusted EBITDA margin, which would increase our, our profitability and ultimately with cash flow as well, even though we're continuing to invest in some of the areas Nitin talked about and some of the areas that Ryan talked about. As we look forward to that, we're targeting a margin profile of about 35%, with EBITDA margins growing over the next couple of years, which we believe would return us to being about a Rule 40 company. Talking a bit about capital allocation, capital allocations continue to focus on high-return investments for shareholders and maximizing value with consistent reinvestment in the business, evaluating the potential for debt reduction, and historically, we've completed opportunistic share repurchases as well.
Again, as I mentioned before, we have a healthy cash balance, $533 million at the end of the first quarter, low net debt, low leverage, and significant liquidity. We have the flexibility to continue to evaluate the optimal capital structure going forward. To summarize, what we're really hoping you take away today is that we have deep and durable relationships with pharmacies, especially through our hybrid, direct, multi-year contracts, as well as deep relationships with pharma manufacturers. Those create a unique value proposition and are important assets to drive growth and margin going forward for us. We've built an enviable brand over the last decade that Ryan talked about, which is another one of our key assets that we can leverage way into the future.
We believe we're operating in incredibly attractive markets, both in the prescriptions marketplace offering side and in our Pharma Manufacturer Solutions offering, and our penetration's low. We're really pleased that we returned to growth, and we believe we have a great path to continued growth and to margin expansion going forward. And that's it for me. With that, I'm gonna turn over to Scott for closing remarks, and then we can get into Q&A. Thank you, all.
All right. Uh...T hank you, Karsten. Nice enough content. I'm basically a transition while chairs come up for Q&A. So I'm just up here. I wish it was a preface, but we definitely know that's not the case. Thank you for actually bearing with us today. This is great, and it's actually a terrific time, not just to do this with the investor community, but a great time for the company in general, 'cause, you know, a year ago, again, there was questions about, "Hey, priorities, business model." And I hope everybody's walking out of here today with a sense of, you know, several things that are honestly pretty known and pretty straightforward.
I think the first of which is the value proposition of this company and the need we're filling, which is affordable prescriptions. It's a hell of a big need. It's not going anywhere, and the trends that are backing that are gonna continue. And we, GoodRx, do some really unique things to solve that need for affordable prescriptions, that, you know, gets me pretty fired up. And there were questions about our durability in the value chain that, again, if you kinda draw on the stories and the proof points, that it's not just our position, you know, is there, but actually we play a super valuable role connecting these different constituents. So I actually think our point in the value chain today, gosh, it's actually a strength, whereas a year ago, there were probably questions from this community about where it is.
So it matters, and we're important. And then, you know, just financially, as you draw down to, hey, Does the progress that we're making showing up our results? We've returned to growth, right? It's flowing through to profitability, and I hope everybody is listening and taking away from these things, that what we're working on makes sense. For people that we serve, it's the first-order things that are showing up in the numbers, and these areas that we're saying are unmodeled are actually just the next step on where and how we can evolve the business. That, you know, to me, are the good things, as both an operator and if I could be so bold as to speak for an investor, you know, I always want more, more chips on the table than I need to cash out, right?
I always wanna have more moves that are in our control than you necessarily need to work. I think the thing for me, objectively, you know, after a year, is the things that are underway, they're the right stuff. They matter in the outside world. When we do them well, they show up in numbers, we get results. That's important. The things that we're doing, you know, in a couple of different ways, thread together, and when you look at them in totality, they give you a couple of different ways to continue to evolve the business and win. For me, you know, as obviously as an operator and a leader of the company, I take comfort from that. As an investor, I would hope people who are interested might, too.
All right, with that, I'm gonna bring the gang up, and we'll move on to Q&A. All right, everybody, come on, rolling up.
All right. Don't be shy. Slide.
Slide, relax. All right.
All right.
So thank you, Scott, and thanks to everyone who submitted questions during the presentation. We're going to get through as many as we can today, so we will jump right in. I think, we good? Last stool? Okay. Awesome. So you mentioned having more work to do in the context of retail contracting. Are there certain areas that you're focused on? We'd love to hear more.
Yeah, sure. So when you think about our network composition today in terms of retail pharmacies, we do slightly over-index on some of the larger chains and grocers, and so a lot of our contracting efforts have really been focused on those partners. I did mention we had about 7 out of the 10 of our biggest partners under some form of direct agreement. I'd say that there's a big effort focused on getting that to 10 out of 10 in some form of direct agreement, and then also kind of maybe finishing some of what we've started in the past. I mentioned this notion of doing hybrid to kinda get going and get some momentum, and I feel like we have a few partners where we need to go back and kind of complete what was started.
So that's a big focus area for us, is nailing, you know, our big partners. And the second part I think that we'd, that we'd wanna focus on is we're really under indexed today on independents and smaller regional grocers, and we need to make a bigger effort there to get them in-network, accepting our cards, and, you know, at a, at a rate that's, you know, amenable to them. So I think that's kind of the second prong of some of the work that's left to do and where we're gonna focus our time going forward.
Hey, can I hop in just 'cause-
Yeah.
Awesome, and the independent point is one where there's actually a pretty easy answer or two that we can bring to them that's pretty cool and is gonna be honestly great for independents, so we'll kinda get to that. I'm gonna take the question and frame it a little differently, that that isn't just contracting, it's actually just working with retailers and merchandising. There was an example in one of the pages that was shown, but it's a great proof point, which is, with Walgreens, we during cold and flu season, took a set of drugs and promoted them and drove them into the market, and it, like, worked out great for Walgreens, worked out great for us. Like, that's what we should be doing, like, it, on, for everybody around.
And so the awesome thing for me about what we're doing with the retail, like, all this contracting stuff is like, "Hey, we're gonna make you money." And the promise of GoodRx is then we're gonna be this great merchandising tool and vehicle on all sorts of ways. And we are such at the early stages just because of how the nature of the interaction between GoodRx and retailers used to be, that now, you know, we're not contracting and sending legal documents back and forth. We're, like, getting together and being like, "Hey, how are we doing? What about this idea? What about that idea?" And as we just roll that forward, guys, there's gonna be a ton of goodness in it.
You just, t his is sort of how, honestly, the business, you would have always wanted to run it and how, you know, frankly, it always should have been. So we're gonna get there, you know, honestly, as we, as we go now. And as you can tell, I get kind of excited about it, so.
All right, so on the Pharma ManSol side, how do these manufacturer relationships work? Do you receive a flat fee per prescription, or is it based on the WAC of the drug? Could we get a little bit more color around that?
I'll take it. There's a couple levers that drive pricing. The WAC of the drug or the list price, wholesale acquisition cost, to be precise, is certainly one driver of pricing. The other big driver is, what is the value that we can bring to the brand, right? In terms of traffic, engagement. So those are all metrics that factor into our pricing so that it's not a one-and-done deal, it's actually a sticky relationship. As I talked about ROI and value, that we're delivering value because of high traffic, high engagement, and of course, the WAC of the drug also factors in.
Great. Now, turning to ISP, if there is a gating factor on the PBM as it relates to your ramp and growth of the program, is there anything you can do to influence the pace of the uptake?
I guess I'll pop in as these guys are batting the mic back and forth over there. Yeah, I mean, I think right now it's working with PBMs for the most part. There are over time, hand in hand with them, we can get particularly the benefits consultants who have really drawn on this program. So there, you know, we're not, we're not completely takers on it, but again, that'll be a slow thing over time. You know, if I could, two comments on ISP, hopefully, that everybody's taking away on it. The first is, it is this nice, I'd say, incremental move to the core business that, again, just adds durability to it. But it, you know, isn't this overwhelming thing that everybody should honestly think about, and I think that's a good thing.
And then broadly, it is a capability, and this hit a couple times, and I think maybe my colleagues are gonna talk about it more. When you start to wrap what we're doing for brands together with uncovered formulary, like, that's where stuff gets really exciting. And so, you know, to answer the specific question, yes, a little bit, and we'll do it with our partners, but again, the big gap is this uncovered formulary or certain drugs where, honestly, cash is just a better way to go and, you know, if you're thinking about the themes from today, really the promise is, wow, look, we're kind of the one place where these two things can come together for brand pharma.
Okay, now turning to margins. Your S&M spend is still sitting at around 40%. With direct contracting and ISP, it would seem you have lower acquisition costs. Should we expect S&M as a % of revenue to fall, and is any of that assumed in your 2026 EBITDA target?
Sure, that sounds like a Karsten question to me. Yeah, so, S&M spend has been falling pretty consistently over the past few quarters as you've seen. And we expect some continuation of that going forward. I think a couple points to make. First of all, as Ryan said, we're consistently investing in the brand because our B2C offering and the work we're doing there continues to be a very attractive area for growth for us, too. The paybacks and the ad spend we're doing in that area are consistent today with what they were at the time of the IPO, which was also, t hat was four years ago, for those who don't remember, and that was also consistent with where they were before that.
Meaning, as long as we can efficiently spend and get great payback on our DTC spending, too, we'll continue to do that. That said, the way the question was phrased, I think, was very appropriate, which is, as we do more B2C-related work, does that have the potential to creep down as a percent of revenue? And the answer to that is, yes, it does.
Great.
The-
Oh-
Yeah.
Go ahead.
Like, it'd be great, you know, doctor's offices, how we lean in, can you, you know, invest here? Remember, how we, how we are spending in sales and marketing, it's an asset. Modestly, this is something that I'm, you know, pretty good at, and on behalf of our marketing team, the degree of responsible flow-through, you know, if that makes sense, it's gonna show up. And you know what? If we're coming out and saying, "Hey, we're gonna surge in these couple areas," it's because there's real return that we can communicate to you guys and to the outside world on why we're doing it. So anyway, I think the answer was exactly right, which is, ooh, you're, you know, there's nice flow-through.
But if you're modeling the business out, like, that's the one thing where if it stays as a percent of revenue or if we come out and say, "Hey, we're gonna surge this," honestly, you guys should be happy. 'Cause I guarantee you there'll be a good return for it.
Okay, now turning back to direct contracting. Historically, your relationships have been with PBMs directly. Are there any concerns from the PBMs that the direct relationships you're establishing lessens the benefit that they gain from their partnership with GoodRx?
All right, I'll go, and then people will chime in. Well, this is where the ecosystem, you know, the ecosystem all of a sudden sits there, and maybe everybody doesn't win in every single circumstance or situation over time. Couple points on that. Number one, not every PBM is the same, right? Each PBM is different, may have different goals or approaches for what they're trying to do. And I think our role and value prop for a whole bunch of PBMs honestly doesn't change in this world, even from what, you know, what it looked like before. And then, as you're sitting here thinking about this gap versus formulary and how and where there's, you know, there's coverage, right now, there's an answer to it that's Integrated Savings, that's really kind of a pilot.
But there's a whole bunch of ways that that can evolve between us, that actually brings this uncovered and covered benefit space actually more closely, you know, closer together. And so I think that's something that with PBMs, and honestly with plans, we're both gonna have a lot of incentive to do. And I think the other big point to mention is PBMs and plans, right, the, if you think about their business model and everything that's important, particularly to the big people, most of what we're doing here is still additive, and anything we're doing direct to retail, gosh, it's really not competing with them, right?
It's not upending any of their economics or their value proposition today, which, you know, said differently, is like, eh, we're kinda incremental upside for some of the big guys, and not big enough that there's huge incentive to, you know, kinda take any of these things and come at us in a different way. I don't know. Am I missing anything, gang?
I'll just add one more point. I mean, we talked a lot about hybrid contracting. I mean, some PBM partners will absolutely still be pricing partners for us in our direct-to-consumer business going forward. So we are doing a lot of retail contracting. I don't expect PBM pricing to totally go away, so we will still have partners there. And then as Scott was getting to, you know, they are now our customers in the B2B channel that we talked about. So I mentioned earlier that we have a really powerful marketplace, and we will work with anybody that can help us provide savings for consumers. So we're working with them in a different way now to provide savings through that B2B channel.
A lot of the folks that we worked with on, you know, discount card pricing over the years, are now our customers for ISP and other associated programs.
Okay. Now on to GLP-1s. So is your Manufacturer Solutions offering around GLP-1s to direct patients to the DTC pages of the pharma companies, or would you expect patients to get even better pricing than places like, per se, LillyDirect?
You guys wanna-
Yeah. So today, our offerings are connecting them to the existing affordability on both Novo and Lilly's website, right? You can go to any of those drug pages, and you'll see that we click you through to the right place in Novo Care or, Lilly's affordability solutions, right? We have good relationships with both those companies, ongoing conversations. Do I believe that we'll be able to unlock new and innovative savings opportunities that are integrated on GoodRx? Yes. When? Not sure. You'll be the first to know when we do, though.
Awesome. So on the ISP front, sounds like cannibalization has been relatively low to date. How should we think about that, particularly against the $200 million plus opportunity that was laid out in the presentation as ISP grows?
ISP is a part of the marketplace. Our growth targets, you know, reflect the combination of both. Just aggregate it up and think about it as a component of the marketplace. We gave you its contribution to revenue, plus a set of growth. I think we've sized it within the context of the marketplace.
Karsten, can you outline again the key drivers of our longer-term margin expansion that you're expecting?
Sure. So there are a few. I think the first one that I'll highlight is the flow-through of incremental revenue. Like we talked about, we believe that our model, in particular, given the relatively low cost of revenue that you've seen in it, which has been impacted in a positive way even further by the restructuring we did of vitaCare last year, means that the variable portion of the cost structure isn't that big. So that gets you a ton of flow-through off incremental revenue growth to start. And of course, the impact on margin is amplified, that versus revenue, given right now, margins are running about a third at the Adjusted EBITDA level of revenue today. Secondly, on the cost structure side, I'm gonna reiterate a little bit like what we talked about in the last question.
There are opportunities pretty much across all of our lines to see some incremental efficiency as a percent of revenue as the business grows. Like Scott said, we'll continue to make smart investments. We're not stopping that because we believe we have a ton of greenfield opportunity ahead of us in both the Pharma ManSol side and the prescriptions marketplace side. But there's some elements of the business that don't necessarily have to scale with revenue. Like a new product or new feature that Nitin sitting beside me might develop, doesn't cost more if you have twice as many users necessarily. So I think you'll see benefits on that part of the business, too, certainly as a % of revenue.
All right. So in the context of ISP, can you help us understand why a pharmacy might not accept the program?
Sure, I can talk to that, or you can talk to that, or we both can. I can start, yeah. So I think some of the reasons are, or one of the bigger reasons, is that it's something new besides everything else, and I think the majority of the critical pharmacies, certainly the bigger ones, are in ISP. And part of that is because they have the capacity and the understanding of the program and understand the benefits that it brings to them. I think it's potentially skewing towards the smaller pharmacies who may not be worried about staffing, volumes, a variety of other factors, versus the big ones who understand from day one what the benefits to them of the program will be.
Yeah, and I'll just add that ISP is something that we work through with our pharmacy partners in our hybrid contracting model. So as Karsten mentioned, it is accepted at the vast majority of retail pharmacies in the U.S. There are some exceptions, and I'll say that within these exceptions, we haven't got there yet with our contracting on the direct-to-consumer side. So that is something that we contemplate when we go out and do that type of contracting.
Okay, turning back to ManSol. We've heard the commercialization side of pharma spend has been more discretionary and has been pressured over the past year. What are you hearing in terms of the market dynamics and propensity to increase or decrease commercial spend?
They're certainly being more judicious about their commercial spend in that they want to attach ROI or value to every dollar they spend. So it's not going to be this broad-based media where, you know, spray and pray. It's not that approach. It's very targeted. Are you driving prescription fills? Can I measure it? And as we've talked about before, that's really our team's focus is to enable transactions that can be measured where the ROI and value is extremely clear to pharma. So I think no, I think commercialization spend will continue to grow, especially as different therapeutic categories become more competitive, right? Pharma just needs to spend money in order to educate consumers and HCPs, and I think we have an important role to play, given how they've changed the focus of their commercialization dollars.
Okay. Turning back to direct contracting, it sounds like it's been growing over the past year. What, what do you expect as far as the volume growth over time, and is there an ideal target of mix that you're looking at?
I'll hop in on it. No target, because this is an outcome, not a target. The whole approach here is follow retail partners and adopt a, you know, a business construct that works for them, right? That's the point in discussion that Mike went through. So the number of, you know, the amount and the percentage mix, isn't something we target. It's obviously going up, but again, it's an outcome, not something that. Honestly, it doesn't even matter for this audience, because again, all that is, is a reflection of the strength of our value proposition, our ability to work with retail.
So whether that number is 20 or whether it's 50, it's sort of irrelevant because the economics, you know, relative to GoodRx actually don't change all that much. It's more the spirit of, wow, we're working hand in hand with retail to make their business better. That will affect our economics. So the percentage mix honestly doesn't really matter that much.
All right, and then along the same vein, when you establish a direct contracting relationship, which rail has preference during a script, the PBM cash pay or the established contract? How do you balance routing between the two?
So, this is a hybrid arrangement, basically? Direct- to- consumer, two different networks.
Yeah.
It must be. Well, I mean, basically, I talked about this in our, you know, deliver pricing automation section. I mean, we are gonna take a set of inputs, pharmacy margin, consumer price, you know, GoodRx revenue, and optimize for those inputs. So the answer is, it really depends on what variable we're trying to optimize for. But ultimately, we're trying to give consumers the lowest prices while having pharmacies continue to hit their margins. That's the best way to think about that particular question. Scott, anything you would add?
No, just to reinforce your point of the overarching ones are consumer value, retailer margin. Those are the overarching, you know, system rules that we're governing around.
All right. There's an assumption that other players like PBMs could scrape data from GoodRx and then undercut or dismediate-- disintermediate GoodRx. How feasible or simple is this for these other parties to do, and, and does it matter?
Here, I'll say it, and maybe you can add on. I'm laughing only because if somebody wanted to scrape data, they could have scraped data for the last 11 years. It's not that hard to grab a couple people and write a couple algorithms and go scrape our data. So, again, dismissive not of the question, but of the value of doing that because it's the, y ou know, the, what we're doing here isn't static, it's dynamic. Goals shift, you're meeting value on certain things, right? This is a dynamic marketplace. So, you know, that thought of, "Hey, PBM can, you know, use ISP," which has been some of the context around it, to get your data, boy, if they really want to do that, it is pretty easy to just go write a script and scrape it.
Yeah, I think I'm adding on that. Yes, people can scrape manually or automatically. We have some technology which saves it. We use some third party, but as Scott said, if you put 35,000 people and ask them to go to each pages, it's possible, and people can do it. So I think, as I said, they can do it easily. We can try to save as much as possible, but that's not the point. If PBM, they want to do it, they can get the data by somewhere else also.
I mean, one more thing just to add here. If you think about what a brand means, like, what is a consumer actually gonna ask for when they go to a counter? What's a doctor gonna say to go check? There are other options out there, but, you know, that's why we put so much effort on this brand, 'cause when someone asks for something, there's trust that's built there, and the marginal difference in price, it does matter in some of the cases, but I particularly believe that the brand is the thing that really carries a lot of the steam there.
All right. While we have you, Ryan, how have the areas of focus within S&M spend changed now versus the last couple of years?
I'm happy that question was asked. You know, in the presentation, there's a couple things I think thematically that are important, like balance in this business, in a market that didn't exist, you know, years and years ago, where consumers aren't comfortable or haven't been historically comfortable with, like they do with an airline, checking prices. We really need to make sure that we're staying top of mind, and that will nev-- that will not change. We do try to be smart about investing in things that have a tail, so that it's not super ephemeral, and we shut it off, and we get no value anymore. That's the content engine, the reason that PR content, our work in CRM and one-to-one communications all are really prominent fixtures in our marketing engine.
Two things I think that are really important to know about our recent efforts. One is the point of care. Like, that doctor's office, you think about something that has a tail, nailing the point of prescribing and being in that office, a doctor is not gonna forget when patients are having amazing outcomes, and that just feels like and we believe is a smart investment for us, and so we've put more emphasis on that this year in particular, and I don't see that changing anytime soon. The second thing is targeting really valuable users and making sure that we keep fresh with them. We get them to generate accounts, as I mentioned, using like something like a point-of-sale incentive as a lure or that focus offer flow that we can carry down to the coupon.
So those are two things that are, that's a bigger emphasis in more recent history, but balance is still a really importantly, important part of the equation.
All right. For ISP, how can you, c an you help us contextualize the opportunities for non-covered branded drugs?
Yeah, so I think you heard in our comments, particularly in my statement, that I'm really excited about this. This is. I'm spending probably 90% of my time in this general space. I think it's massive, right? I think just knowing where formularies are and where they're going, the fact that we've built a product that enables us to hook into that transaction, and that we are continuing to put brands on platform to enable a better and affordable consumer price, that, oh, by the way, retailers are very happy about their margins on, I think it's a big unlock, and I think it has a lot of tailwind into the future. The big question's going to be, what does it look like on a conversion basis, right?
Because it is gonna be a different price than what they may be expecting to pay on a copay, right? It's not gonna be $20 for a $500 drug. So the conversion rate is kind of the big unknown, but I think we have alignment across the ecosystem that this is a good idea, and it's purely incremental, and we're excited about it.
All right, and then, we are at the top of the hour, so we will do one last one. This one focuses on capital allocation. So Scott, during-
Do you want me to take this?
Scott, during your time at GoDaddy, there were a number of transactions that took place. Now at GoodRx, what's your appetite for M&A? Could there be industrial logic in acquiring niche competitors, or are you prioritizing other areas in the context of capital allocation?
Oh, yeah. I'd, I mean, we've been pretty active about buying back our shares. We're gonna use capital, and particularly in the short term with our balance sheet, to, you know, use that as a, let's call it just a straight value-creating effort. I will say from an M&A standpoint, if there are things, you know, GoodRx has made a couple of acquisitions again in the system, that have been incredibly powerful and were awesome, pre-me. And so there are ways that you could bring in, I think, particularly a technology that's, again, helping with the kind of thing that Aaron just described, which is really almost more kinda data value chain oriented than anything else. And so, if we did something, I would expect it to be, you know, in that space.
But again, trust me, kinda like prior life, you'd look at, look at it and say, "Ooh, this is, you know, this makes a lot of sense and is really good.
Great. Well, that concludes our Q&A session and brings an end to our Investor Day today. Thanks again for everyone for joining us, and for those in the room, please help yourself to lunch on your way out, and remember to take one of the GoodRx swag bags. So have a great rest of your week.
Thanks, everybody.