Today saw the launch of a drug price comparison app that will no doubt have drugstores shaking in their bricks and mortar. LowestMed functions a lot like the much-maligned Amazon Price Check app, which ticked off so many big box competitors during the holiday shopping season.
Here’s how it works:
“When a user needs to fill a prescription and enters the medication name on the 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 per cent off of retail prices,” the company says.
This is one of those apps that really makes us excited about all things tech. Just think how much pressure it’ll put on drugstores to keep prescription prices low if they know consumers can do an in-store comparison right from their phone.
And the LowestMed discount card is good at nearly 60,000 pharmacies in the country.
You can use the app on $4 generic drugs, too, and it comes in a version fit for iPhones and Androids. For full use of their drug comparisson site, visit www.lowestmed.com.
“Most consumers don’t realise 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.”
It certainly could have helped thousands of consumers who were recently misled into paying overinflated prices for Medicaid prescription drugs from CVS.
To get the app, visit www.lowestmed.com from your smartphone.