Retail News Breaks Archives
Mobile app compares retail pharmacy drug prices
January 25th, 2012
SALT LAKE CITY – LowestMed, a provider of discount drug programs, has launched what it calls the industry's first mobile application that enables consumers to view and compare prescription drug prices at local retail pharmacies on a smartphone.
The company said Wednesday that the free LowestMed mobile app lets users compare pricing for brand-name drugs and generic drugs at leading chain drug retailers — including drug stores, supermarkets and mass merchants — in their area on an iPhone or Android mobile device. App users can also compare prices via the LowestMed website.
LowestMed's mobile app lets users compare Rx pricing for branded and generic drugs at chain drug retailers in their area.
LowestMed's app works as follows: When consumers need to fill a prescription, they enter the medication name, and the app displays a list of discounted prices at nearby pharmacies of branded drugs and their generic alternatives — including alternative prescription drugs such as $4 generics, which LowestMed said competitors often don't publish.
The application then identifies the store location that offers the lowest price and provides a GPS-enabled map to that store.
In addition, the app includes access to the free LowestMed discount card, which when displayed at the point of sale provides savings of 10% to 85% off retail prices, according to the company.
"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," Brad Bangerter, chief executive officer of LowestMed, said in a statement. "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 mobile app can be downloaded via lowestmed.com or at the Apple App Store and Android Marketplace. The app includes more than 1,000 popular brand-name and generic drugs, comprising over 95% of the nation's most commonly prescribed drugs, LowestMed said.
The company added that the app meets a critical market need for more affordable medications. It reported that 49.9 million Americans are uninsured, over 11 million are on high-deductible health plans, and nearly three out of four employers plan to implement employee cost-sharing strategies by offering a high-deductible health plan in 2012.
"We developed our LowestMed app and pharmacy discount card to meet the needs of both insured and uninsured consumers," Bangerter stated. "In a time of high health care costs, in which employees must shoulder more of the burden of health care costs each year, our price finder app and free discount card reduces costs on every transaction and ultimately helps consumers save significantly."