Now, have you heard the news? WalMart does good things to help people. In fact, they are now concerned that some people can’t afford the high price of pharmaceuticals, so they’ve decided to bring out the PR bells and whistles and have announced that they will be offering generic drugs at $4 dollars a pop. Never mind that they still don’t pay their employees a living wage, or that they just lost an enormous lawsuit for not paying overtime, and have 100 more employee related lawsuits pending. Never mind that they think that they need to pay health benefits for their own employees. But that’s WalMart. They want us to think that they are doing something good.
From USA Today:
Savings could be less than $1 per prescription to more than $20, depending on the drug and pharmacy where customers shop, according to information from Wal-Mart and prices of other retailers posted at MyFloridarx.com, a state-run website.
That could draw more customers to Wal-Mart, already the largest seller of groceries and toys, possibly forcing other chain drugstores to cut their prices, says Ed Kaplan of the Segal Co., a benefits consulting firm.
“Customers who take five or seven medications a month and can save $10 on each, might switch,” says Kaplan.
The move caused share prices for generic drug and pharmacy companies to drop Thursday.
Wal-Mart says the $4 for 30-day supply price would save customers $7.98 a month for blood-pressure drug lisinopril, $3.85 for diabetes drug metformin and 80 cents for blood-pressure drug atenolol.
Simon says the $4 generics are not expected to be a “loss leader,” meaning Wal-Mart doesn’t expect to lose money on the drugs in hopes of attracting more customers to buy other products.
That’s because the drugs offered are longtime generics that have multiple manufacturers and that are already inexpensive on the wholesale market. Large companies such as Wal-Mart can often purchase in bulk for less than the $4 cost.
Now, Walmart is making this sound more exciting than it really is. They say that they are offering 291 drugs in this scheme, which is really just a tiny fraction of the 2100 generic drugs available. Plus, this list includes different dosage strengths of the same drugs. When those are removed, the list shrinks to less than 100 drugs.
“Providing low-cost drugs is a good thing. But not providing affordable health care to workers is not a good thing. Why can’t Wal-Mart address the serious health care crisis in its own stores?” says Chris Kofinis, with WakeUp Walmart.com.
Uh, yeah, good question. Why not, Walmart? Well, the answer is simple. This move is not going to cost them anything really, because they will probably be offering the cheapest generics, and will be able to get them at a good price since they’ll buy in bulk. So they’ll make a little less money, but certainly not lose any. And they figure if they can lure you into the store for your pills, you may stop and buy something else.
Plus, they are hoping to kill the competition. Always a motive on the part of Walmart.
But if they offer health insurance, well, that costs some money. Never mind that Alice Walton and her kiddies are all worth over $15 billion each. They can’t bear the thought of giving their minimum wage peons health insurance. Best to let the tax payer pay for it, via Medicaid. Which a lot of Walmart employees collect.
Ah yes, just another day in Walmartland. I am proud to say that I have never set foot in a Walmart and never will. They don’t sell anything that cannot be purchased elsewhere.