A recent pricing survey from Consumer Reports revealed that prescription drug prices can vary by as much as 10 times between pharmacies, even within the same city.
Why do prescription drug prices vary among different pharmacies?
Pharmacies generally make much higher profit margins on generic drugs. That’s because there are many manufacturers producing the same medication. The cost of these generic versions is much lower for pharmacies and allows more room for price fluctuation between pharmacies.
Are all pharmacy prices the same?
Yes. Prescription drug prices are not regulated, and prices will vary for the same drug at different pharmacies. In fact, the cost of a prescription may differ by more than $100 between pharmacies just across the street from each other!
How are prescription drug prices determined?
When a drug finally makes it to market, drug manufacturers set the drug’s list price based on a number of factors. However, this is not the price you pay. Your employer, insurance company and their pharmacy benefit manager (PBM) all play an important role in the final cost of your prescriptions.
Is CVS or Walgreens cheaper for prescriptions?
Based on the product sampling that I chose, Walgreens was cheaper on three items, CVS on one, and they tied on one. But the two drugstores’ pricing never varied more than 50 cents. The real takeaways: Head to Walmart for major savings, and don’t use Drugstore.com.
Are prescription drugs cheaper at Costco?
A new study by Consumer Reports found shoppers could save more than $100 per month by shopping for generic drugs at Costco over major drugstore chains like CVS. The secret shoppers phoned in a range of pharmacies, including Walgreens and Rite Aid, but CVS was clearly the priciest. And Costco beat them every time.
How can I save my prescriptions without insurance?
How to Get Drug Prescriptions Without Insurance
- Go with a Generic Option.
- Check at Stores like Target and Walmart.
- Search for Pharmaceutical Assistance Programs.
- Find a Discount Program.
- Consider Shopping Online.
- A Final Word About Obtaining Prescriptions Without Insurance.