Prescription drug prices are a mystery, but a new start up is disrupting prices for generic drugs across the country.
While there's pricing transparency for most products, costs vary widely for the same medication at different drug stores. The terrain has created an opening for one enterprising start-up looking to shake up the market.
"Technology is sort of realigning a whole host of…industries," Geoffrey Chaiken, Blink Health CEO told CNBC's "On the Money" recently. He mentioned Uber and Groupon as disruptor examples. "It just hadn't happened yet in the pharmaceutical space."
Chaiken and his brother Matthew co-founded and launched Blink Health in February. It's a technology company with a free app and website that promises savings of up to 90 percent on generic drugs. Those savings come in handy in a marketplace where rising prices seem relentless. Last year, prescription drug prices rose 10.43 percent, according to Truveris, a pharmacy pricing platform.
"Anyone in the country can now go to Blink Health.com, type in the name of their medication and see a price," Matthew Chaiken explained, "and know that they can get that price at any pharmacy in the country when they pay in advance on our application and mobile web site."