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Ed Yeates ReportingRetail giant WalMart is making an unprecedented offer to consumers that could have a dramatic impact on health care.
Bill Simon, Walmart Professional Services: "I'm pleased to announce that starting today, Walmart will be selling 291 generic prescription medications for only four dollars, four dollars per prescription."
The price covers a 30 day supply of the most common dosages of drugs, representing about one in five of the prescriptions currently filled by Walmart. The retail giant will accept all insurance plans, and even for those who don't have any insurance, it's still only four dollars.
Walmart has made a very smart marketing move. But what's it going to do to the independent neighborhood pharmacy?
James Jorgenson, Director, U. of U. Pharmacy Services: "But they do not have the advantage of having access to those same big discount bulk contracts, even when they're working through purchasing cooperatives. The playing field is not level for them. Even if they wanted to, they couldn't offer those same low prices."
James Jorgenson, who directs the University of Utah's Pharmacy Services, says the consumer will definitely benefit from the discounts, but so will Walmart. What they may lose on some individual prescriptions, they will make up in volume from consumers who will buy other things in the store. Even more, those discounted prescriptions might be only one of a portfolio of other prescription drugs consumers will bring to the pharmacy.
Jorgenson says those independents which might not get hurt by Walmart's discounts are the new boutique pharmacies.
James Jorgenson: "The pharmacists actually schedule time with the patients to come in much like a physician's office visit and that's when they fill their prescriptions and for many of these - it's a cash only business."
Boutique customers expect pharmacists there to counsel and talk to them about their prescriptions.
Some of the generics Walmart will discount include those to treat allergies, cholesterol, high blood pressure, diabetes, and some antibiotics, antidepressants, and prescription vitamins.
