LowestMed
Mobile app developer company and developed apps like lowest med mobil.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
LowestMed was founded in 2009 by Brad Bangerter, a former health insurance administrator, and was based in Draper, Utah. Bangerter's venture into entrepreneurship was sparked by his personal experience with a high-deductible health plan, which led him to discover the significant price variations for the same prescription medications between different pharmacies. This insight into the lack of price transparency in the pharmaceutical retail market formed the core business idea. With 30 years of experience in healthcare systems and product management, including his role as VP of operations at ProviderPay, Bangerter was well-positioned to tackle this problem. The company was bootstrapped from its inception and aimed to provide consumers with a tool to compare prescription drug prices.
The business operates as a price comparison platform for prescription drugs, catering to consumers with or without insurance. Its primary service, delivered through a website and mobile app, allows users to search for a specific medication and view its prices at nearby pharmacies. The platform generates revenue by partnering with pharmacy benefit managers to offer discount coupons; when a consumer uses a coupon to purchase a medication, LowestMed (now RxSaver) receives a small fee from its partners. This model benefits consumers by helping them save money, which can improve medication adherence, and is particularly useful for those on high-deductible plans or the uninsured.
A significant milestone in the company's history was its acquisition by RetailMeNot in May 2018, after which it was rebranded to RetailMeNot Rx Saver, and later simply RxSaver. This acquisition was part of RetailMeNot's strategy to become a comprehensive savings destination. The headquarters were subsequently moved to Austin, Texas. Under new ownership, the service continued to expand. In a further industry consolidation, RxSaver was later acquired by competitor GoodRx in April 2021 for $50 million. Over the years, the platform has introduced new features, including a service tailored for the Hispanic community called MediBajo, and has partnered with mail-order pharmacies to extend its reach.
Keywords: prescription savings, drug price comparison, pharmacy coupons, medication discounts, healthcare consumer tools, prescription price transparency, Brad Bangerter, RxSaver, RetailMeNot, GoodRx, medication adherence, pharmacy benefit manager, health tech, digital pharmacy, prescription discount card, online pharmacy marketplace, consumer health, pharmaceutical pricing, medication cost savings, mail-order pharmacy