Comparison shopping for prescription drugs could save people as much as $100 or more, but many fail to do so.
According to the May issue of Consumer Reports, commonly-used prescriptions are often more expensive at well-known big branch stores.
Consumer Reports compared drug prices for five prescription drugs that have recently gone generic, including heart drugs Lipitor and Plavix, and found that Costco offered the lowest retail prices overall and CVS charged the highest. Good prices can also be found at local independent pharmacies.
“A consumer can’t assume that the price of their prescription medications is set in stone. One of the big takeaways is that you have to ask for the best price and see if your pharmacist will work with you. Especially for the independent pharmacies, if they want to retain your business and loyalty, they will help you get the best price,” Lisa Gill, the magazine’s editor for prescription drugs, said in a statement.
One reason for the wild cost fluctuations may be that different types of stores have different business incentives.
“It really comes down to a store’s business model. For example, big box stores tend to use their pharmacies as a way to get consumers through the door with the expectation that they’ll buy other things,” Gill said.
Consumer Reports’ secret shoppers called more than 200 pharmacies throughout the U.S. to get retail prices (the cost without insurance) on a month’s supply of five blockbuster drugs that have recently become available as generics: Actos (pioglitazone), for diabetes; Lexapro (escitalopram), an antidepressant; Lipitor (atorvastatin), for high cholesterol; Plavix (clopidogrel), a blood thinner and Singulair (montelukast), for asthma.
The result was a difference of $749, or 447%, between the highest and lowest priced stores.
Some price comparisons:
• A month’s supply of generic Lipitor costs $17 at Costco, the magazine’s secret shoppers found. The same prescription cost $150 at CVS, or a difference of $133. Rite Aid and Target were also pricey.
• For the antidepressant Lexapro, Consumer Reports found a month’s supply available of the generic version at a cost of $7 at Costco and $126 at CVS. Rite Aid, grocery stores, and Walgreens also charged high prices on average.
• Generic Plavix, which is prescribed to people with cardiovascular disease, was also available at widely varying prices. At the low end, a month’s supply was available at $12 through Healthwarehouse.com and $15 at Costco, while CVS quoted $180 when the magazine’s secret shoppers inquired about prices.
For the market basket of drugs the magazine checked, independent and grocery store pharmacies’ prices varied widely between stores, sometimes offering the cheapest and the most expensive price for the same drug.
While some drugs are prescribed for a short term, others may be lifetime drugs, so consumers may want to get the best price for the long haul.
“If your doctor prescribes Lipitor, you may be taking it for the rest of your life. So it can really pay to shop around. You could save yourself thousands of dollars on that one medication,” Gill said. “Talk to your doctor about lower cost alternatives in the same class of drug, and make sure you have that talk when your doctor is about ready to write the prescription. Once you’re taking a drug and tolerating it well, your doctor might be less inclined to try alternatives.”
Some tips for saving:
Request the lowest price. The magazine’s analysis reveals that shoppers weren’t always given the best, lowest price, so it’s important to ask.
Go with generics. Generics are copies of brand-name medications whose patents have expired. The Food and Drug Administration requires that generics contain the same active ingredients in the same strength as the brands they copy. In addition, a generic must be “bioequivalent” to its corresponding brand, meaning that it delivers the same amount of active ingredients into a person’s bloodstream in the same amount of time as the original brand.
Leave the city and shop like a country mouse. Consumer Reports found that some grocery-store and independent drugstores had higher prices in urban areas than rural areas. For example, the magazine’s shoppers priced a 30-day supply of generic Actos at a pharmacy in Raleigh, N.C., for $203, while another pharmacy in a rural area of the state sold it for just $37.
Get a refill for 90 days, not 30 days. Most pharmacies offer discounts on a three-month supply.
Look for additional discounts. All chain and big-box drugstores now offer discount generic-drug programs, with some selling hundreds of generic drugs for $4 a month or $10 for a three-month supply. Consumers need to make sure their drug is on the list. Offers vary and check the fine print.
