Rank: Administration
Groups: Administration
Joined: 5/13/2008
Posts: 25
Location: Michigan
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I realize many have various issues with Wal-Mart but I'd personally like to thank them for the initiative taken in respect to the $4.00 generic prescription drug program. Since Wal-Mart started the program, many retailers and pharmacies have followed their example. This has resulted in a wide variety of medications being made available to millions of people who might not otherwise be able to afford them.
I read a comment by an individual who stated he would give praise to Wal-Mart when they made more name brands drugs available at much lower prices. Although Wal-Mart may have better bargaining power based on volume purchases from the manufacturer, Wal-Mart can only do so much when it comes to lowering prices on name brand pharmaceuticals. It's the manufacturer and/or patent holder who sets the price and as long as the manufacturer and/or patent holder makes periodic improvements to a drug they retain these rights which prohibits the manufacture of more reasonably priced generics.
I understand this individuals frustration as I myself have been waiting for a particular medication to be produced as a more affordable generic. The current price for one inhaler is $164.00 and I usually require two per month. I consider myself fortunate because I pay $59.00 each per month because of Medicare's Prescription Drug Program. Before this medications patent rights expired, the original owner sold the global rights in 2004 to another pharmaceutical company for $200 million plus monthly royalties on net sales. The new owner immediately made improvements to the way the drug is administered making it more ozone friendly. As a result of this improvement, the new owner retained the patent rights which has prohibited the medication from becoming available in generic form. Now both the new owner and old owner are making millions from sales of this particular drug. I have no idea when the new patent will be up for review or expire and have lost hope in a generic being made available any time soon.
Rather than being upset with Wal-Mart for not being able to secure deeper discounts on name brand drugs, I'm more upset with owners of the patents who do everything in their power to prevent medications from being made available in generics for the sole purpose of maintaining their healthy profit margins. Since profit is definitely the motivator here, why can't these same owners/manufacturers make the drugs available in generic form themselves? You'd think they'd make millions more off individuals who currently don't purchase their required medications because of the name brand cost.
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