Wal-Mart shocked the pharmaceutical world Thursday morning announcing that it will cut prescription generic drug prices to $4:
As part of its ongoing commitment to providing more affordable healthcare for America's working families, Wal-Mart Stores, Inc. (NYSE: WMT) 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.
This program will be available to folks that are insured as well as uninsured. Why is the retail giant doing this:
"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."
The company said that it expects to expand the program “to as many states as possible next year.” With that in mind, given the media’s hatred of this company, one has to wonder how this will be presented by press representatives this evening and in days to follow. Stay tuned.