Wal-Mart Estimates $1B in Nationwide Savings From Discount Drug Plan
On Friday, Wal-Mart announced that its discount program for generic prescriptions saved customers more than $1 billion in 2007, with about $26.8 million in savings for California customers, the Sacramento Business Journal reports.
Wal-Mart sells up to 30-day supplies of 361 generic drugs for $4 per prescription under a program it launched in September 2006 (Robertson, Sacramento Business Journal, 3/14).
Company officials maintain that the program actually has yielded larger savings for consumers by pressuring competitors to lower their prices for generic medications and leverage their purchasing power to force drug prices lower.
Wal-Mart officials calculated the savings by comparing the average cost of medications included in its discount program before and after the company began the initiative (Alltucker, Arizona Republic, 3/16).