Wal-Mart Stores Inc. took another step toward mending the "health care crisis” Thursday with the expansion of its $4 generics program.
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The world's largest retailer pushed prices down on 24 more generic drugs that treat conditions such as glaucoma, attention deficit disorder, attention deficit hyperactivity disorder, acne and fungal infections, among others.
Wal-Mart also introduced three $9 women's medications — including generic birth control product for Ortho Cyclen and Ortho Tri-Cyclen, and a fertility product, Clomiphene.
Oklahoma City resident Ruth Sanchez, 33, said she was excited by the news.
"I don't use birth control pills because I can't afford them,” said the mother of three. "This will make a big difference.”
Monthly, 29-year old Courtney Starks of Oklahoma City buys attention deficit hyperactivity disorder medication for her son. She's hoping his medication is on the list.
"Luckily, we have insurance and the medication is only $30 now, but if I could get it for $4 I would do it,” she said.
But it's the 47 million uninsured in the United States who are benefiting most from the program.
During a conference call Thursday, Dr. John Agwunobi, Wal-Mart's president of its professional services division, said the impact the company's discount drugs has had on the health care system has been "amazing to see.”
"The savings were a big deal 12 months ago and an even bigger deal today for customers struggling with spiraling health care costs,” he said. "Every day, they turn to our pharmacy for prescriptions to manage conditions such as diabetes, cardiovascular disease, asthma or even simple colds.”
Wal-Mart introduced the program in Oklahoma last November for 331 prescription drugs. The company estimates Oklahomans saved more than $18 million on generic prescriptions since then. "We have taken what we do best, working with our suppliers, driving costs out of the system and passing those savings on to our customers, and that has applied, and now we're applying that to health care in the United States,” said Bill Simon, chief operating officer for Wal-Mart Stores Division during the call.
Wal-Mart's critics say the program is merely a ploy to drive more traffic to the stores. The National Association of Community Pharmacists called Wal-Mart's generics program a public relations stunt and said the program only offers a fraction of prescription drugs sold in the United States.
Still, Wal-Mart estimates the program covers 95 percent of the drugs physicians prescribe for most of the major therapeutic categories.
Wal-Mart claims its pharmacy customers nationwide have saved more than $610 million on their generic prescriptions since the program began a year ago.
Simon said those numbers are conservative and don't include emergency room visits customers didn't have to make or its ripple effect on other retailers.
Other retailers are following Wal-Mart's lead.
Target has mirrored Wal-Marts program and sells many drugs for $4, and Kmart has a 90-day prescription program for $15.
"No one program, no one company, no one group can solve all the problems facing our health care system,” Simon said. "It requires a collaborative effort.”
Simon said Wal-Mart will continue to improve and expand on the program. He challenged government, the business community and medical professionals to do what they can to provide viable solutions to the health care crisis.
CONTRIBUTING: Business Writer Sara Ganus
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At a glance
• During the past year, Wal-Mart estimates that it has saved customers more than $613.5 million.
• Since September 2006, nearly 40 percent of prescriptions filled in Wal-Mart, Sam's Club and Neighborhood Market pharmacies were $4 prescriptions.
• With the changes announced Thursday, the program now offers a product for up to 95 percent of the prescriptions written in the majority of therapeutic categories.
• The full list is available at www.walmart.com/pharmacy.
Source: Wal-Mart Stores Inc.
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