Thursday, November 02, 2006

Wal-Mart is not on the list:

In October the New York City Council and Christine Quinn completed a report on the high costs of prescription drugs in New York City.

The main finding of the report is that the prices of the same drug swings depending on the location of the pharmacy providing it. The report complains that two years after the City Council signed a law requiring pharmacy’s to list the price of their drugs consumers are not using it to price shop like they would a TV. The report makes a number of recommendations including starting a citywide public information campaign to educate citizens about the benefit of generic drugs.

I find it interesting that as the City Council is writing reports and complaining about the lack of cheap prices they still are doing their best to keep Wal-Mart out. The company has already announced it’s moving its $4 prescription drug offer to New York and if the City Council allowed them to open a number of the City Councils concerns would be covered.

The average price of drugs would come down, as the City Council would like.

A public information campaign would occur on Wal-Mart’s dime not the taxpayer, as they would advertise the benefit of generic drugs like crazy.

Other pharmacies would then also be forced to lower their drug prices and advertise them in order to compete with Wal-Mart.

As the City Council writes reports on why drug prices are high, the answer has been staring them in the face all along. Competition.

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