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news.Presenting a new challenge to rival pharmacy chains and, indeed, drug manufacturers, Wal-Mart has revealed plans to make nearly 300 generic drugs available for only $4 per prescription for up to a 30-day supply.
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The world’s largest retailer said the program will be available to customers and associates of the 65 Wal-Mart, Neighborhood Market and Sam’s Club pharmacies in the Tampa Bay area of Florida, and will be expanded to the entire state in January 2007.
Each day in our pharmacies we see customers struggle with the cost of prescription drugs, said Wal-Mart CEO Lee Scott. By cutting the cost of many generics to $4, we are helping to ensure that our customers and associates get the medicines they need at a price they can afford. That’s a real solution for our nation’s working families.
According to US press reports, the news sent the shares of big drugstore chains spiraling down amid fears that Wal-Mart’s price cuts could cost them market share. Rival retailer Target Corporation, however, said it would match the lower prices in the Tampa Bay area immediately.