Episode Summary
Bill Hepscher founded Canadian Med Store to increase affordable access to prescription medications after a personal struggle trying to help his brother afford needed cancer drugs.
Bill recounts how his brother was diagnosed with cancer but had difficulty affording the expensive brand-name medications his treatment required. To aid him, Bill tried driving to Canada to purchase the drugs at a much lower price, but with his brother's health declining, he couldn't make the long trip each time refills were needed. This inspired Bill to find a solution.
He created the Canadian Med Store to source prescription medications from Canada, the UK, Australia, and New Zealand to ship to underinsured customers in the US. Bill explains that in most other countries, the government negotiates drug prices on behalf of the population, keeping costs relatively low. But without this centralized negotiation, medications in the US remain very expensive, especially newer brand name drugs under patent protection.
Canadian Med Store first got its start helping Americans afford medications by importing identical, cheaper versions from Canadian pharmacies. At the time, Medicare Part D prescription coverage did not exist yet, leaving many struggling seniors paying exorbitant US retail prices. Once Medicare Part D provided drug coverage, Canadian Med Store shifted to a smaller niche - those falling into Part D's coverage gap or "donut hole." By importing specific expensive brand drugs from Canada, customers can choose a cheaper overall Medicare plan while still accessing vital medications affordably.
Today, the company also helps Americans who've lost their insurance coverage, like those laid off during COVID-19, to bridge the gap by providing medications at a reduced cost sourced from international pharmacies. Throughout its growth, Canadian Med Store has remained committed to increasing prescription accessibility and affordability through legal means.
The medications are the same formulas as US versions, just labeled for the lower-priced foreign markets. The company vets all international pharmacies it works with to ensure legitimacy and safety. Canadian Med Store relies on sales agents to find and refer appropriate customers who could benefit from accessing specific drugs at a lower price point from abroad.
As an incentive, agents earn $10 for every prescription refill made by their referred customers for the life of the relationship. This provides agents with passive income while meaningfully improving people's health and financial situations by increasing their medication access and affordability.
Driven by Bill's motivation to aid his brother, Canadian Med Store continues its mission of providing affordable access to vital brand-name medications for underinsured Americans in need. The company's ability to identify lower-cost sources for specific drugs provides financial relief and improves health outcomes for countless customers.
Timestamps
(0:00:05) - Broker Link podcast features advice on helping your clients save money on prescription drugs
(0:00:40) - Bill Hepscher founded Canadian Med Store in 2003 to help seniors with prescription costs
(0:05:47) - You currently have clients in 49 states and are looking for some Hawaii clients
(0:07:03) - Why are things the way they are as far as prescription drug costs
(0:08:38) - We don't negotiate drug prices here in the United States, Bill says
(0:15:09) - Gillen: We're not replacing a Medicare Part D plan
(0:18:59) - One other strategy that we're seeing a lot from agents recently is referral marketing
(0:26:31) - We pay $10 straight on every single fill for the life of the client
(0:31:29) - Nahu: This is voluntary. If some people decide they don't want to
(0:37:22) - How do you get started with the Brokerage, Inc?
