http://biz.yahoo.com/prnews/060921/dath019.html?.v=70 Press Release Source: Wal-Mart Stores, Inc. Wal-Mart Cuts Generic Prescription Medicines to $4 Thursday September 21, 9:02 am ET Nearly 300 Generics to Be Available in Tampa on Friday; Florida Statewide By January; Company Aims to Take Nationwide BENTONVILLE, Ark., Sept. 21 /PRNewswire-FirstCall/ -- As part of its ongoing commitment to providing more affordable healthcare for America's working families, Wal-Mart Stores, Inc. (NYSE: WMT - News) today announced that it will make nearly 300 generic drugs available for only $4 per prescription for up to a 30-day supply at commonly prescribed dosages. The program, to be launched on Friday, will be available to customers and associates of the 65 Wal-Mart, Neighborhood Market and Sam's Club pharmacies in Tampa Bay, Fla. area, and will be expanded to the entire state in January 2007. "Each day in our pharmacies we see customers struggle with the cost of prescription drugs," said Wal-Mart CEO H. Lee Scott, Jr. "By cutting the cost of many generics to $4, we are helping to ensure that our customers and associates get the medicines they need at a price they can afford. That's a real solution for our nation's working families." Key components of the program include: * The $4 pricing will be available to all pharmacy customers with a prescription from a doctor that can be filled with a covered generic medicine. * This program will be available to the uninsured. * Insurance will be accepted. * The program presently covers 291 generic medications from many of the most common therapeutic categories. * The medicines represented are used to treat and manage conditions including allergies, cholesterol, high blood pressure and diabetes. Some antibiotics, antidepressants, antipsychotics and prescription vitamins are also included. * The program will be available statewide in Florida in January 2007. * Wal-Mart intends to take the program to as many states as possible next year. "Competition and market forces have been absent from our healthcare system, and that has hurt working families tremendously," Scott said. "We are excited to take the lead in doing what we do best -- driving costs out of the system -- and passing those savings to our customers and associates." The program will help alleviate a major challenge for seniors who have fallen into the "doughnut hole" coverage gap in their Medicare Part D prescription drug plans and now find themselves responsible for paying 100 percent of their prescription medicine costs. "This act of good corporate citizenship will help consumers manage healthcare costs, while benefiting Florida's growing population," said Florida Governor Jeb Bush. "In addition to providing a great service, Wal-Mart is encouraging important conversations between patients and their doctors about the cost savings associated with generic prescriptions. I am pleased Wal-Mart chose Florida to launch this initiative where our large population of seniors will greatly benefit." "Fifty-bucks for a year's supply of prescription drugs is a pretty darn good deal for consumers," said U.S. Senator Bill Nelson (D-FL), an outspoken proponent of giving people access to lower-cost prescriptions. "Because Wal- Mart has the ability to shape the market, maybe other retailers will follow suit." In addition, the program provides a solution for the nearly 2.7 million uninsured Floridians who may also avoid filling prescriptions and remain untreated. Wal-Mart estimates that the program will save the state's Medicaid program hundreds of thousands of dollars annually. In announcing the program, Bill Simon, executive vice president of the Professional Services Division for Wal-Mart, noted that purchasing a 30-day supply of the popular diabetes drug, Metformin, for $4 represents a nearly 50 percent savings from the cost of the brand name version of the drug. In addition, purchasing a 30-day supply of the brand name blood-pressure drug typically costs $12. Getting the generic, Lisinopril, for $4 saves customers nearly $100 annually. "These are medicines for diabetes, cardiovascular disease, asthma, colds and infections -- the kinds of medicines that working families need so they can treat illness, manage conditions and stay well," said Simon. "Rising healthcare costs are eating up more and more of families' budgets, so this program brings a lot of value to our customers, associates and communities." Generic medications contain the same active ingredients as their "brand- name" counterparts and are equally effective, but cost significantly less. Consumers interested in saving money on prescriptions through the program should ask their doctor if a generic is available for their prescription and is right for them. At this time, the $4 prescriptions are not available by mail order and are available on-line only for in-person pickup in the Tampa Bay, Fla. area. Not all generics in each therapeutic category are included. For further information on the program, customers can call 1-800-WALMART or visit their Tampa area Wal-Mart, Neighborhood Market or Sam's Club to discuss the program with their pharmacist or pick up a brochure that explains program details. About Wal-Mart Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and SAM'S CLUB locations in the United States. The company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Germany, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico, South Korea and the United Kingdom. The company's securities are listed on the New York Stock Exchange and NYSE Arca, formerly the Pacific Stock Exchange, under the symbol WMT. More information about Wal-Mart can be found by visiting http://www.walmartfacts.com . Online merchandise sales are available at http://www.walmart.com . NOTE: Coverage of Wal-Mart's news conference and a b-roll package will be available for broadcast media outlets beginning at 2 p.m. EDT today. The satellite coordinates are: Galaxy 3C, Transponder C23 Journalists can also view and download the coverage of the news conference and b-roll package at http://www.walmartfacts.com .
I hate Walmart, but this is allsum. I currently buy all of my allergy meds via Can-Pharm from Canada online due to the cost savings. This would end that process.
this is going to put major pressure on walgreens and cvs. i like it. people like to hate on walmart for their prior practices, but they are really changing their ways. this is excellent for consumers.
Definitely have to give Wal-Mart credit for doing this. And it makes a lot of sense from a business perspective for them too as they are going to get a lot of good pub.
the only downside: i'll probably have to wait and 3 hours instead of the usual 1 as all the new customers start to pour in.
Exactly...This is good PR and will help those who need it most...I may get my next dose of drugs from there...
just wanted to clarify that this is only for tampa starting friday, and then for all of florida by the end of the year. but you gotta think that this will put a lot of pressure on other pharmacies to start cutting quickly. so hopefully it will be in texas by the middle of next year.
I see that Walmart's quest to take over the world through loss leaders and purchasing power is in full swing. What can you say? They're a monster and they'll be on top for a while as their reach and power continues to snowball.
Sorry to derail the thread, but how does that work? Do you need a prescription, or can you just give them your cc number and get your drugs?
Are you trying to learned me? I use Zyrtec for hay fever and other allergies. In the states it's a prescription drug, in Canada it's over the counter medicine. Our good ol' goverment loves to rip the working people off. I bought from Can Pharm after seeing a thread here on Clutchfans. I found their website, found the generic Zyrtec (Payed $40 for 30 pills here, I get 90 pills for $24 from Can Pharm) and seeing that no prescription was needed as it's over the counter I just payed by CC. It usually takes 7-10 days for the meds to arrive. Not exactly legal, but I'm a risk taker. I'm a full blown sinner. Also, for prescription meds, all legit Canadian pharmacies/websites will ask for one.
That is what I was thinking as well. I wonder what percentage of Walgreens profit is from the pharmacy. Seems like Walmart probably doesn't need to make huge money from the pharmacy, but I'd think the pharmacy would be a larger portion of profits at a place like Walgreens (not sure though).
It won't continue to snowball if they don't improve their customer service. I hate walking in those stores. Can't get a parking place. And then when you do, you've got to walk a country mile with 911 predialed on your cellphone as your thumb rests on the dial button in case you get accosted. Not to mention the razor blade in your other hand for your own protection and to scrape the bubble gum off your loafers when you hit the enter sign. Then when you actually get in the place, you can't find anything. The help knows nothing. Place is a mess. And then when you want out, you've got to stand line at check-out for 20 minutes. And then when you get back to your car, there's 5 shopping carts that have quarantined your car and are threatening your paint job with more brutality. It ain't worth it to me to save 2 bucks. I'll go somewheres else. I'm sure there are many others just like me.
yeah WAG and CVS are both down over 7% today and also wholesale drug suppliers like Amerisourcebergen (ABC) and Cardinal (CAH) are down pretty good too. time will tell how this will effect things. but i think it's pretty exciting to see a company like walmart make such a revolutionary move.
Looks like Target is going to match the $4 price... http://www.channel3000.com/health/9910126/detail.html
Well Walgreen and CVS cann't be far behind. Great for Walmart for taking the lead. Now if only someone will do something about the other parts of the medical costs.
