Large pharmaceutical companies continue to grow, buying independent labs and small pharmacies across the US. The top two pharmacies, Walgreens and CVS, have completed a variety of buyouts over the past few years, resulting in a massive takeover in the pharmaceutical industry.
After Rite Aid bought EnvisionRX, Walgreens swooped in buying Rite Aid in a $17.2 billion deal. This buyout allowed Walgreens to become the largest pharmacy in the nation with 13,000 stores. Similarly, CVS recently bought Target pharmacy in a $1.9 billion deal. This resulted in a takeover of more than 1,600 pharmacies in 47 states. Combined, Walgreens and CVS control over 22,000 pharmacies of an estimated 67,000 across the US.
As pharmaceutical powerhouses continue to grow, competition in the market continues to decrease. As a result, people have less options on the pharmacy they use and the price they pay for prescription medicine. Most pharmacies have taken advantage of this, charging a higher price for generic medicines that are low cost to the pharmacy. For specialty medicines that do not have generic equivalencies, pharmacies ask for even higher prices.
Any pharmacy can charge you a co-pay that is more or less than the average price based on your insurance plan. Don’t you want to know all the options so you aren’t throwing away your hard earned money?
With prices of prescriptions increasing, there is a higher cost for benefit plans if a company uses traditional means. How would you like to take control of the price you pay for prescription drugs? BCR is ready with options to put a unique program in place to reduce these potential costs.
Call us today at 888-633-5850 to talk with a BCR specialist about available health care options for your company.