Blink Health is the creator of an online patient market for prescription medications. The company negotiates directly with pharmacies for a reduced rate on medications, which patients can then order through the app or online platform and pick up at their local pharmacy.

We talked to co-founder and CEO, Geoffrey Chaiken, about Blink Health and the opportunity they see in the 50+ market.

Longevity Network: What does Blink Health LLC, the company, do?

Geoffrey Chaiken: Blink Health is on a mission to bring transparency and lower prices for all Americans to the market for prescription medication. Patients who use the Blink Health website and apps have access to prices that are significantly discounted from average retail prices. Put simply, we make prescription drugs affordable for everyone.

LN: Can you tell us about your product and how it works?

GC: We believe that technology can help solve our country’s drug price crisis. We’ve built the first e-commerce platform that allows patients to purchase their medications online at heavily discounted prices and pick them up at their local trusted pharmacy. More than 40,000 pharmacies nationwide are part of the Blink Health network, including Walmart, Rite Aid and Kroger. Blink Health is able to offer heavily discounted prices by grouping patients together in the first “patient union” and negotiating with pharmacies on their collective behalf. We’re the only place patients can pay for medication online at one low price and know exactly how much their medication costs before they pick it up at their local pharmacy.

Using Blink Health is easy for anyone. Simply go online to search for the medication your doctor prescribed, pay online and get your Blink Card, and take that card to your pharmacy to fill your prescription. You pay nothing at the pharmacy, and there are no member or service fees.

LN: What opportunity did you want to address with the development of your technology?

GC: All Americans, especially older Americans, are overpaying for their prescription medications. Patients can’t afford the medications they need to be healthy and live productive lives. Unlike almost any other retail transaction, consumers don’t know the exact price of what they’re purchasing until they get to the pharmacy counter. As a result, medications get left at the pharmacy or patients don’t take their medications as prescribed. We thought that technology could help solve this problem.

LN: Who are your primary users? In what ways can your products benefit the 50+ population?

GC: Anyone who is overpaying for prescription medications, which is nearly everyone, can use Blink Health.

That said, Americans over the age of 50 comprise our biggest user group. Not only do older Americans generally take more prescription medications than others, but they also tend to be smarter shoppers, seeking out opportunities to save money.

LN: How did you assemble your team?

GC: Consumer healthcare is really just at the beginning of the wave of technology innovations that have shaken up other industries. As such, we focused on finding talented leaders from other industries that have been revolutionized by the internet, such as online travel and ecommerce, and then we brought in folks with expertise in the healthcare field. That’s our magic formula.

LN: How has Blink Health LLC the company differed from what you envisioned it would be (if at all)?

GC: To see how Blink Health is truly helping people be healthier, happier and more productive has been more meaningful than I think any of us expected. The seemingly abstract idea of making prescription drugs more affordable has become reality. Hearing stories of how real people using Blink are able to now afford their medicine, take a family vacation, go out to dinner with their spouse, go back to work, feel well again — that exceeded our wildest dreams. The stories from what we call the Blink Health Nation are what motivate our team every day to keep working.

LN: What do you wish you had known before developing your concept?

GC: The current pharmaceutical drug pricing system is deeply entrenched. Challenging that status quo and advocating for patients in this healthcare environment is not for the faint of heart. But we’re doing it, and judging from the increasing numbers of people using Blink Health, we’re succeeding.

LN: What most excites you about the aging and / or health technology market?

GC: Our best customer is a smart customer, and older Americans are by far the smartest customers. They’re highly motivated to find the best prices, and that, in turn, motivates us. We love that Blink Health is helping this segment of the population live happier, healthier lives, which ultimately is what everyone is striving for.

LN: What is your best piece of advice for startups who want to include or target the 50+ market?

GC: Investors might say that people over 50 either don’t use or don’t know how to use technology, and that’s simply not true. Our business proves that technology isn’t a barrier to the 50+ market if that technology actually works and actually helps improve people’s lives. We have patients over 100 years old who use Blink!

LN: Do you have any other products in development?

GC: We’re excited about the future for Blink Health and have a host of initiatives in development to continue lowering drug prices.

LN: Where do you see Blink Health LLC five years from now?

GC: Our vision is for Blink Health to transform the industry by making prescription medication prices completely transparent and empowering patients to control their own prescriptions and healthcare. We want every person with a prescription to check Blink first before going to the pharmacy.

LN: Anything else you’d like to share?

GC: Blink Health puts the patient first. Our business model is completely aligned with the patient. We make money only when patients save money by using Blink.

Geoffrey Chaiken is the Co-founder and CEO of Blink Health. Previously, he was the founder of Marinus Pharmaceuticals (Nasdaq:MRNS), a specialty pharmaceutical company developing novel treatments for severe epilepsy.

Prior to founding Blink Health, Geoffrey was at Brave Warrior Advisors, where he was one of three investors managing $3 billion. At Brave Warrior, Geoffrey led the firm’s successful investment throughout the technology and pharmaceutical supply chains. Geoffrey has a BA in Biology and Philosophy from Yale University and an MBA from Harvard Business School.

To learn more about Blink Health, visit their website or follow them on Facebook, Twitter, and Linkedin.