I am sure you will have noticed that, like everything else these days, the prices of prescription drugs are constantly going up. The difference is, prescription drug prices are going up at a much faster rate than other goods and services. But why should this be? The main reason for this steadily increasing price rise is because the U.S government has a law that allows pharmaceutical companies to own a monopoly on certain drugs that they bring to market and charge what they want for a set amount of time. This is good for innovation as it offers a great incentive to come up with new and better drugs, but bad for the average American who must fork-out big bucks for medicines to treat their sick loved-ones or themselves. In 2011, Americans spent nearly $270 billion on prescription drugs, however, there are ways to save money and get a drug discount, with several apps that offer voucher codes and compare deals and prices.
Lowestmed / RX Saver
This app compares your local pharmacy prices to save you money. When you have selected the cheapest pharmacy in your area to get your medication from, RX Saver gives you coupon codes to get a further drug discount on your prescriptions. They claim that their app can save you between 10 an a whopping 85% on your prescription drugs. Not bad for a free app!
Another free app claiming big savings on prescription drugs, up to 95% off on over 50,000 prescription medications and it can be used in almost any U.S pharmacy. You can even use it for pet medication and in conjunction with your health insurance. Although it cannot be used to reduce the amount of copay you have to pay, it sometimes works out cheaper to use the app than copay. They even have a helpline to call if you have any issues using the app in-store.
Founded by former Facebook execs’ in 2011, this app and website-based company checks the prices of more than 75,000 pharmacies across the United States and negotiates the best prices directly with major pharmaceutical companies. They then issue digital coupons to your smartphone to use when purchasing your medication to give you the best drug discount available. The app also has an option to set reminders to renew your prescriptions and when to take your medications.
This app tries to save you money in a different way. Rather than providing drug discounts, the app provides a list of generic [or non-branded] medications that do the same job as the more expensive alternatives. The lists are put together by trained medical professionals, so you can be sure you are buying the correct prescription drug. This can save you a small fortune, with some prices for generic drugs starting from as little as $4. This system won’t work for drugs that have no generic alternative yet [i.e. drugs still covered under the monopoly law] but for tried and tested medications it’s definitely worth a try.
There are other apps and websites trying to do good by battling to bring down the cost of prescription medications, but these stand out as some of the best. See how much you can save and share the information with others so they can do the same.