Prescription Drug Cost Relief in Sight

In an effort to boost lagging prescription drug sales, discount retail chains such as Wal-Mart and Target have announced that they plan to offer generic drugs at a significant decrease to consumers. Averaging anywhere between $4 for a 30-day supply to $15 for a 90-day supply, these pharmacy chains hope to convert somewhat hesitant consumers and doctors to generic versions of drugs which cost roughly 70% less than their name-brand counterparts.

On Thursday, Medco, one of America’s largest prescription benefit managers, unveiled its decision to offer its “Generics First” plan to various smaller companies who have not been able to provide prescription benefits to their employees. Under this plan, employees can purchase generic versions of their drugs for roughly $10 for a 90-day supply. Generally, drug manufacturers are given 20-year patents in order to recoup for research, development, and marketing expenses. With this in mind, some 70 drugs will be eligible for generic production within the next three years. At the moment, Wal-Mart’s program only operates in Florida, however, they plan to expand to as many states as possible within the near future. In the age where there’s a pill for whatever ailment affects you, it’s a relief to know that there’s at least some relief in sight.