LowestMed Launches First Mobile App to Reveal Price Differences on Thousands of Popular Prescription Drugs at Local Pharmacies
- Pharmacy-Specific Comparisons Show Wide Variances in Drug Costs, Helping Consumers Make the Most Informed Decision on Their Prescription Drug Options
- Company Saves Consumers Additional Money by Highlighting Prescriptions on $4 Generic Drug Lists
“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 ; more than 11 million are on high-deductible health plans ; and nearly three of four employers (73 percent) will implement employee cost sharing strategies by offering a high deductible health plan in 2012 .
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.