SALT LAKE CITY (January 24, 2012)—LowestMed today announced the launch of its flagship mobile app,
the first in the industry to provide consumers with the ability to view and compare prescription drug prices
– including $4 generic drugs - at leading supermarket and pharmacy chains in their local area on an iPhone
or Android device. In addition to the mobile app, users can also compare prices on the LowestMed website,
www.lowestmed.com.
“Most consumers don’t realize that prices can vary widely by pharmacy, and that up until this point the
only way to do price comparisons on a local level was to go to each pharmacy and submit an insurance
claim,” said Brad Bangerter, CEO of LowestMed. “With the LowestMed app, for the first time consumers are
empowered with the full transparency to identify the least expensive drug prices in their area. We do for the
pharmacy marketplace what Travelocity or KAYAK does for the travel industry, providing a one-stop, fast,
convenient and easy way for consumers to maximize savings on their medications.”
The LowestMed app enables consumers to save money in multiple ways. When a LowestMed customer
needs to fill a prescription and enters the medication name on the new app, LowestMed provides a list
of discounted prices at nearby pharmacies of both name brand prescription drugs and their generic
alternatives. The app also includes access to the free LowestMed discount card, which when displayed at the
point of sale ensures savings of 10 to 85 percent off of retail prices.
In addition to price comparison and a drug discount card, the LowestMed app provides a money-saving
service to consumers in publishing alternative prescription drugs, including popular $4 generics, which
competitors often choose not to publish. The app will identify the store location with the lowest price and
provide a GPS-enabled map to that store.
“We developed our LowestMed app and pharmacy discount card to meet the needs of both insured and
uninsured consumers,” said Bangerter. “In a time of high healthcare costs, in which employees must
shoulder more of the burden of healthcare costs each year, our price finder app and free discount card
reduces costs on every transaction and ultimately helps consumers save significantly.”
The LowestMed app includes more than 1,000 of the most popular brand name and generic drugs,
comprising more than 95 percent of the most commonly prescribed drugs in the nation, with thousands
of additional drug price comparisons available on the company’s website, www.lowestmed.com. The new
app meets a significant market need for cost savings on medications: currently 49.9 million Americans
are uninsured [1]; more than 11 million are on high-deductible health plans [2]; and nearly three of four
employers (73 percent) will implement employee cost sharing strategies by offering a high deductible health
plan in 2012 [3].
For more information about LowestMed and the new mobile app, visit www.lowestmed.com. An online press
kit, including downloadable screenshots and additional information is available at www.lowestmed.com/
press.
About LowestMed
LowestMed provides prescription drug pricing information to consumers to help manage healthcare
expenses. The company’s discount drug programs help consumers find and compare the costs of
prescription drugs at local pharmacies so they can reduce out-of-pocket costs. LowestMed’s proprietary
technology effectively makes prescription drug pricing transparent, while its discount drug program further
minimizes costs for consumers who are uninsured or on high-deductible health plans.
Footnotes
- 1. http://www.census.gov/hhes/www/hlthins/data/incpovhlth/2010/highlights.html
- 2. http://www.ahipresearch.org/pdfs/hsa2011.pdf
- 3. http://www.shrm.org/hrdisciplines/benefits/articles/pages/revampingplans.aspx
Press Contact:
Jacob Moon
LowestMed Public Relations
801.461.9797
jacob@methodcommunications.com