Wal-Mart Slashes Drug Prices

by Aimee Amodio | More from this Blogger

02 Oct 2006 05:29 PM

Last month, Wal-Mart made a pretty amazement announcement: nearly three hundred generic medications will be available for as little as four dollars for a month's supply. The program is only in operation in Tampa, Florida at the moment, but will hopefully spread across the country over the next year. The plan is expected to go state-wide in Florida in January of 2007.

Fans of the price-cut plan hope that Wal-Mart's move will encourage other pharmacies to make their prices more competitive. So far it seems to be working -- Target immediately moved to match Wal-Mart prescription prices in the Tampa, Florida area.

Generic drugs are thought to be an important piece of the puzzle when it comes to managing health care costs. Generics are just as effective and just as safe as the higher priced (and more heavily advertised) versions.

Millions of people in the United States struggle with ballooning prescription drug prices. Some people are forced to simply go without needed medications because they cannot afford them. Even with health insurance, prescription drug prices are soaring. Some of my own medicines are available for a $35 monthly co-pay; this is up from the $20 I used to pay for the same drugs just a few years ago.

Even the generics can be expensive. At the Wal-Mart pharmacy, a one-month supply of generic prescription medicine could run as much as $30.

Wal-Mart's program will be available to both insured and uninsured customers with a doctor's prescription that can be filled with a generic medicine.

Some people are less than thrilled with the plan, and think it's little more than a public relations stunt. This dramatic price cut may not make a big dent in the soaring health-care costs for American consumers, although it is attracting a lot of attention for Wal-Mart!

Others point out that not all generic prescription medications are on the list. Many of the ones that are on the list are already relatively inexpensive. Some widely used drugs like Zocor (for cholesterol) and Zoloft (for depression) do not have generic equivalents on the list.

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