Walgreens Issues Statement on Wal-Mart's Promotional Drug Pricing
Posted on: Thursday, 19 October 2006, 12:00 CDT
Walgreen Co. (NYSE:WAG)(NASDAQ:WAG) today issued the following statement regarding Wal-Mart's promotional drug pricing program:
Wal-Mart's limited price promotion is in response to the increasing number of seniors choosing Walgreens for their pharmacy needs. Therefore, Walgreens will not match Wal-Mart's promotion. Once consumers learn the fine print of Wal-Mart's program, they'll realize Walgreens offers the best value for pharmacy patients with its convenient locations, close-in parking and unique pharmacy services.
Consumers should know:
Seniors covered under Medicare Part D prescription insurance on average will pay more at Wal-Mart for these medications than they would at Walgreens.
Wal-Mart's promotional pricing doesn't cover any brand-name medications.
Less than 5 percent of generic drugs are included in Wal-Mart's promotion.
Wal-Mart's promotional price is for up to 30 pills and may not cover a full month's supply for patients who take two or three pills a day.
With nearly 95 percent of Walgreens pharmacy patients covered by prescription insurance with low co-pays, patients choose Walgreens for its convenient neighborhood locations, expert pharmacy advice, unmatched 24-hour pharmacy locations, large-type prescription information option, drive-thru pharmacies and weekend/holiday access.
With the upcoming Medicare Part D enrollment period beginning Nov. 15, seniors can consult trained Walgreens pharmacy staff for assistance in finding the plan that best suits their needs. Walgreens can provide seniors a free personalized report listing a senior's medications covered under available plans, along with each plan's premium, co-pay and deductible. The report allows seniors to compare the plans in a simple, straightforward format and identify the best match for their prescription needs.
It's also important to patient safety that people use one pharmacy for all their medication needs. By having their complete prescription record available at one pharmacy, the pharmacist can do a complete check for drug interactions that could cause other health problems for the patient. Earlier this week, a study developed by the Centers for Disease Control and Prevention found that more than 700,000 Americans go to emergency rooms each year as a result of harmful drug reactions. Pharmacists can play a key role in reducing that number when patients develop a relationship with their pharmacist.
Walgreen Co. is the nation's largest drugstore chain with fiscal 2006 sales of $47.4 billion. The company operates 5,475 stores in 47 states and Puerto Rico, including 76 Happy Harry's stores in Delaware and surrounding states. Walgreens also provides additional services to pharmacy patients and prescription drug and medical plans through Walgreens Health Services, its managed care division, which includes Walgreens Health Initiatives Inc. (a pharmacy benefits manager), Walgreens Mail Service Inc., Walgreens Home Care Inc. and Walgreens Specialty Pharmacy.
Source: Business Wire
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