A new and portable strategy for saving money on prescription drugs has just hit the market with the LowestMed app from LowestMed.com. Our research finds that the most substantial savings consumers can expect are for generic medications, but far less so when it comes to expensive brand named drugs.
To help American consumers “Find the lowest price… fast” at a local chain pharmacy, LowestMed has created a free smartphone application that uses the current location of your phone to find the nearest pharmacy with the lowest price on a prescription drug that you need. According to the Washington Post, “LowestMed also comes with a free discount card, which can further reduce the price of a medication by between 10 and 85 percent.”
Testing out this new savings strategy, we find that a 30-day supply of Lisinopril 10mg can cost anywhere from $10.00 (Target) to $36.63 (CVS) – the app not only helps you find the $26.63 savings – 73% but also to map the location for you.
While savings like those on Lisinopril are great, many consumers may need to turn to verified international pharmacies when shopping for big brand names. Thirty tablets of Plavix 75mg, for example, cost $197.64 at the cheapest bricks and mortar pharmacy on LowestMeds.com, $205.10 at the most expensive. Saving $7.46 per month is nice, but saving $153.10 is not only much better but necessary for some Americans who could simply cannot afford the U.S. price! Plavix costs just $52 for a month supply at the lowest priced international pharmacy in the PharmacyChecker.com Verification program – a savings of 74%!
While millions of Americans cannot afford brand name drugs in the United States, clearly this is not the case for generics – and the prices here keep getting lower! Marc’s, an Ohio-based retail pharmacy, has dropped prices for their generic drugs to a record breaking low – now charging just $1.98 for 30-day supplies of some of their generic drugs. Twenty-seven different generics are offered at this price.
Marc’s low-cost pricing comes as a response to their retail competition doing the same. In order to compete with chain store rivals like Target, Wal-mart and Kmart, smaller, local pharmacies are offering some of the lowest prices. Another example, Discount Drug Mart, – also in Ohio – dropped many of their generics to $1.99 for a month’s supply; this led Marc’s to sneak in at a penny less.
If you’re buying online, Costco.com has very low generic drug prices as well. You can compare prices on www.pharmacychecker.com.
An estimated 43,000 residents of Illinois will find it more difficult, if not impossible, to afford their prescription medication due to heavy budget cuts, according to the Chicago Tribune. Specifically, funding for the Illinois Cares Rx program, which subsidizes the cost of medicine and payments associated with Medicare drug benefits, will be cut in half, from $107.4 million to $53.7 million. Illinois Cares Rx includes people with a Medicare drug plan and others who have no drug benefits at all.