Saving money on prescription medications

Recently, I’ve been exploring Medicare and prescription drug issues. I’ve posted on my blog an article about prescription assistance programs run by drug companies. If you or your loved one are unable to get help from these programs, here’s another way to save money on prescription medications.

Walmart began a program to sell certain generic prescription drugs at the highly discounted price of $4 for a 30-day supply in early October 2006. By the end of 2006, Walmart had expanded this program to all states but one. This includes stores in the Walmart chain (Wal-Mart, Neighborhood Market and Sam’s Club).

Target soon jumped on the bandwagon and began its own $4 generic medication program. It’s easy to see why. Even if a person can’t fill all of his or her prescriptions in this low-cost program, once someone changes pharmacies, it makes sense that they will continue to fill and re-fill prescriptions all in one place.

In some states, Walmart and Target have been threatened with suits to prevent the undercutting of prices. Thus, some compromises have been made and some drugs cost more than $4. Opposition to the program comes from other retailers, especially pharmacies.

Walmart’s $4 generic program includes 314 generic prescriptions available for up to a 30-day supply at commonly prescribed dosages. Walmart’s list of 314 generic prescriptions is made up of as many as 143 compounds in 26 therapeutic categories. [Note a free Adobe Acrobat Reader is required to read or download this list.] Target’s list (current as of January 11, 2007) can be read or downloaded here.

Not all generics are covered by the program, and the list is subject to change. Certain of the drugs are priced higher in CA, CO, HI, MN, MT, PA, TN, WI, and WY because of state laws. The program is not available in North Dakota.

These lists can be difficult to read. Near the top, you’ll find a little circle with a + sign in it. Use this to increase the size of the document/type.

The drugs included by Walmart and Target in these programs treat a variety of conditions and disease states in 26 therapeutic categories.

Lastly, if you’re on Medicare, here are some tips for saving money on medications, in a booklet prepared by Medicare.