Bucks Blog: Want the Lowest Drug Price? Make Sure to Ask

In its latest analysis of prescription drug prices, Consumer Reports comes up with some advice that sounds almost retro: when shopping for medicine, ask for the lowest possible price.

You might expect that you would automatically get the lowest price, but that’s not always the case, said Lisa Gill,  prescription drugs editor at Consumer Reports. In fact, she said, you should ask for the lowest price even if you have health insurance that covers prescription drugs.

“In some cases, the cash retail price may be cheaper than your co-pay,” Ms. Gill said.

The national average generic drug co-payment is $10, but many chain stores offer hundreds of generics for $4. And the magazine’s analysis found that at Costco, the cost of a one-month supply of the generic equivalent of Lexapro, an antidepressant, was $7 for nonmembers. A small difference in price can mean a lot to someone on a fixed income, or to someone who lacks drug coverage. Seniors and students may also qualify for discounts — but again, you have to ask.

For the analysis, “secret shoppers” called 200 pharmacies nationwide and asked for the retail price (that is, the price paid by someone without health insurance) for a month’s supply of five big-name drugs that had just become available in generic versions: Actos (pioglitazone) for diabetes; Lexapro (escitalopram); Lipitor (atorvastatin) for high cholesterol; Plavix (clopidogrel), a blood thinner; and Singulair (montelukast) for asthma. The results showed a wide range of prices, and the difference between the highest and lowest price for the drugs as a group was more than 400 percent. “I was shocked,” Ms. Gill said.

The analysis found that Costco was the lowest-priced option for the group of drugs over all, and you don’t have to be a member to use its pharmacy. Even some independent pharmacies had lower prices, although they varied widely. But it’s worth asking if they’ll match a competitor’s price.

The prices at chain drugstores like CVS were higher, but they offer more services, like 24-hour pharmacies. So calling around for prices makes the most sense for longer-term maintenance drugs that you don’t need on an emergency basis. If you’re ill and in a hurry, choosing a location based on convenience makes sense.

How do you buy your prescription drugs? Do you check prices at different pharmacies, or choose by convenience?

Article source: http://bucks.blogs.nytimes.com/2013/04/03/want-the-lowest-drug-price-make-sure-to-ask/?partner=rss&emc=rss