CVS slashes generic drug prices in new salvo in price war
Filed under: Bargains, Shopping, Health, Recession
Whose health plan offers the best savings for Americans? Forget the political candidates -- at the moment it might be CVS. The drug store chain is getting into the price war over generic drugs and is slashing prices and now customers can get a 90-day supply of more than 400 generic drugs for just $9.99, with more discount for those who pay cash at their in-store medical clinics. The move comes as Wal-Mart (which charges $10 for a 90-day generic supply) and other drug stores continue to lower prices on generic drugs, a move that Wal-Mart originated several years ago. These stores see generic drugs as a lure for customers and they are willing to sell them at cost or at a loss in order to get loyal prescription business -- especially since those customers are also known for making many other purchases while they are picking up or waiting for their orders.
The Los Angeles Times also says that the discounted generics aren't the only sales tactic stores are using -- they are so hungry for prescription drug users that they are paying people to transfer their RXs -- up to $30 in some places.
The Growth of a Drug Store
CVS Caremark will buy Walnut Creek, Calif.-based Longs Drug Stores in a cash deal worth nearly $3 billion, CVS announced in August. Only the Longs Drugs locations in Hawaii will keep their old branding.
Paul Sakuma, AP
The acquisition of Longs is only the latest for the New England chain, which has grown into the nation's top filler of prescriptions since opening its first store 45 years ago.
Lisa Poole, AP
Last year, CVS acquired pharmacy benefit management company Caremark Rx, a spinoff of Baxter Healthcare.
AP
In 2006, CVS acquired 700 stand-alone Sav-On and Osco drugstores from the Albertsons grocery market chain, enhancing CVS's footprint in the Midwest and making CVS the pharmacy leader in Southern California.
Ric Francis, AP
In 2004, CVS acquired more than 1,250 Eckerd Stores, boosting its storefronts to more than 5,000 locations. CVS also purchased Eckerd Health Services, Eckerd's pharmacy benefit management and mail-order pharmacy business.
Michael Brown, Getty Images
In the largest acquisition in the U.S. retail pharmacy industry's history, CVS acquired more than 2,500 stores from Revco in 1997, giving CVS a competitive presence in the Midwest and Southeast. Source: CVSCaremark.com
Phil Long, AP
Reader Comments (Page 1 of 9)
11-03-2008 @ 2:27PM
Art said...
Yea!!!!! Some competition for Walmart finally!!!!!!
Reply
11-04-2008 @ 11:08AM
ann said...
one penny !!!!!, are you kidding me. competition !!!!!, unless your comment was meant to be sarcastic.if sarcasm ,hooray
11-04-2008 @ 2:13PM
joncdodge said...
Yeah one penny, doesn't a difference. But If I am closer to CVS than a Walmart, I am going to CVS.
Curious how your drugs make you feel better? Here is a cool article....
http://www.curiousread.com/2008/05/how-do-painkillers-find-kill-pain.html
Jon
11-09-2008 @ 9:05AM
kj said...
Not really, as there are far more Walmarts than CVS's. As for the 1 penny savings, big deal!!!!
11-09-2008 @ 9:41AM
kris said...
I wouldn't care if there was competition or not....there isn't a reason or cause on earth that would EVER get me into a Welfare World...never.
11-03-2008 @ 2:45PM
Pat said...
CVS can slash theri prices to zero, I will NEVER buy any medication from them ever again.
They sold me perscription medication that was expired or in some way compromised.....this particular medication I always get directly from the mfg. but when I picked it up at CVS it was in one of their plain bottles, as it turned out there was something defiinitly wrong with what they gave me, I returned the medicaiton to them and they gave me the mfg pills, I kept a few of the ones that I returend. I made a complaint with CVS and sent the saved pills to the mfg to be tested, They requested the lot number of the pill I sent them and CVS would not or could not provide that (all pharmacies are required to keep a log of the lot numbers of their medications), also the pharmacist that filled the perscription "disapeared" and couldnt be found....supposedly transferred to an out of state store or something...........bottom line, for two weeks my health was compromised to the extent that my condition was exacerbated and my entire treatment plan was compromised and nearly was going to make drastic changes in the way my illness was handled. Once I started on the mfg pills it immediately resolved. CVS would do noithng about it and basically told me to f' off!!!! they didnt care blah blah blah and did nothing to resolve this, complaints were filed wiht the state pharmaceutical board as well but nothing came of it............NO they can give away their medications, no way in hell will I ever step foot in one of their stores again ever or do business wiht them..........
Reply
11-03-2008 @ 3:05PM
Jim said...
The faulty medication must have affected your spelling skills also (returend)!!! If you are going to passive aggressively bash CVS at least you can use your spellcheck. I, on the other hand, love CVS. The pharmacists and the techs are always very professional and helpful.
11-03-2008 @ 4:01PM
Erin said...
Was it for your obesity, or your psych issues?
11-03-2008 @ 7:51PM
Larry said...
Oh Yeah, Try Pathmark sometime!!! after 22 years of being their customer, they simply told me one day that their wearhouse didn't have my prescription, so to go some plcae else for it. Then one of the ones they did give me, was the wrong medication, some kind of heart drug, instead of an antibiotic the doctor had written for me... They told me So What, that I couldn't prove anything...
11-04-2008 @ 9:37PM
Les said...
"all pharmacies are required to keep a log of the lot numbers of their medications"
Sorry for your problems Pat, but this statement is not true
11-04-2008 @ 9:40AM
Nancy said...
Specifics are helpful when trying to get a point across. WHICH CVS pharmacy are you complaining about? WHAT was the medication (should WE be alarmed too, if we take it?)? WHY didn't the manufacturer test the medication without the lot number? Lot numbers are helpful but not NECESSARY for testing a products contents or effectivness.
Put the blame where it is due: the manufacturer. The pharmacy has no power over what the manufacturer tells them or sends them, when filling the orders.
I love my CVS pharmacy and pharmasists; they know me by name, and are ALWAYS helpful. I trust that they always check for drug interactions (even more so than I trust my doctor!). And I love that they are open and filling prescriptions very late into the night; Walgreens wasn't, and after using Walgreens for years and years, we transfered ALL our scripts to CVS when my husband needed heart medications (a fistfull) and we found our walgreens pharmacy closed on Sunday. Basically, we trust our CVS with our lives.
11-04-2008 @ 11:03AM
JC2003 said...
What you get from the manufacturer is a brand name medication. When you go to a pharmacy to get something filled unless your prescription filled unless it specifies brand name only they have to give you the generic. That is probably what you got. I'm sure you think it's inferior. Unless you've worked in a pharmacy (which clearly you haven't) you'd have half a clue.
11-04-2008 @ 12:58PM
karen said...
let me guess...you have fibromyalgia
11-09-2008 @ 9:54AM
anita said...
You are probably one of many who try and make false claims in order to try and make an extra buck from a law suit. I'm sure this was a big conspiracy against you, wow, even the pharmacist disappeared! Get over yourself and go back to Welfare Mart
11-03-2008 @ 3:20PM
john said...
you know that only dumb-#$%^ thinks there saving money bye seeing add on the tv.When they< say new lower prices>that means.so,12.00they change it from a 1st terr price to a 4 terr price.Meaning 10to 50% off means off of a 900% markup.so $12.00 and 10% markdown at 900%retail markup is a 9 cent savings,not $1.20...thewre is no truth in there adds,and the law lets them get away with it........
Reply
11-03-2008 @ 7:55PM
EngTchr said...
Are you a retarded person pecking at a keyboard hoping you (like some monkeys can) will actually type a word--maybe even an actual thought? You didn't make one iota of sense in your post! Learn to spell and become literate before subjecting yourself to public formats!!!!!!! Ugh!
11-03-2008 @ 3:23PM
Gregg said...
When alot of the generics sell for $10 A 1000 wholesale, a 30/90 pill rx is making pharmacies money.
Reply
11-03-2008 @ 3:26PM
Tami said...
Well good for you Jim ,your a good speller.You get an "A" for today. Lighten up a bit . Pat was just telling of an awful experience that happened to them. I bet you'd be crabbing here to if it were you.P.S . I didn't use spell check either.
Reply
11-04-2008 @ 4:56AM
jean said...
you're, not your
11-10-2008 @ 9:42AM
sandy said...
The point I think we need to make is WHY are prescription drugs in the US are so expensive? Arguing with each other about spelling or specifics doesnt solve the issue. Walmart and CVS have the abilty to buy in huge lot quantities which is why they can offer the drugs at a cheaper price. Either way it COSTS between .02 to .04 cents to manufacture most precription pills, even non-generic. So who is kidding whom? Most generics are manufactured overseas by the way...want some melamine with that pill?