Posted on 12/21/2011 7:12:52 AM PST by Daffynition
(Reuters) - Walgreen Co posted a lower quarterly profit as the largest U.S. drugstore chain's margins were hurt by lower reimbursement rates for the prescriptions it fills, fewer flu shots and its spat with pharmacy benefits manager Express Scripts Inc .
Walgreen, which has more than 7,800 U.S. drugstores, reiterated that is does not plan to renew its contract with Express Scripts, which is set to expire on December 31, but Chief Executive Greg Wasson said the chain remains "open to any fair and competitive offer."
(Excerpt) Read more at finance.townhall.com ...
All what people?
Walgreen’s profits are down because I can get generic drugs for half the price at Kroger or Wal-Mart and diabetic supplies for half the price of my co-pay on-line. Walgreen’s business model is to make high profit margins on an initial purchases, until the consumer discovers cheaper places to do business. Not smart long-term planning.
How would one choose betwixt a Pharmacy Kickbacks Manager or their retail arm?
Some on explain this me, really.
Walgreens charges what it needs to charge, right?
My husband and I use Walgreens between us five scripts, our monthly cost is $7.58 and that’s for his thyroid, there is no charge for anything else.
So we really have great script insurance coverage or Walgreens is just giving meds away.
Maybe I need more coffee this AM but I am not getting it...
I work for a big Fortune 100 Company, whose prescriptions are serviced by Express Scripts.
Walgreens sent a letter to all plan participants urging us to contact our HR reps and encourage them to get Express Scripts to play ball. This was months ago.
Express Scripts (and our HR gang) sent what looked to me like a hate-inspired tirade of a communication reminiscent of something Harry Reid and Nancy Pelosi would say when their pet communist legislation is in trouble. Fear/distrust/meanness was the overtone.
I wasn’t going to rock the boat until they sent that. Then I lit ‘em up. Didn’t do any good, but I lit ‘em up anyway.
Insurance companies are forcing people to use Express Scripts. Express Scripts are putting the drug stores out of business. I see drug stores disappearing completely.
The only way the drug stores will survive is dependent upon how much lobbying the drug stores are doing to the crooks in congress. There will come a time, and probably soon, that you won’t be able to get drugs from Canada or Mexico. That means you’ll have to use the drug stores.
Express Scripts is evil and underhanded. I was forced to use them under my previous employer’s insurance plan. I was dumb enough to say, “Yes, I do have insurance,” when I went to Walgreens.
I eventually acquiesced and had them mail me my meds to the tune of $65 for a 90 day supply of my thyroid medication.
I was laid off from my job and went to the local Wal Mart to ask about cash price on the medication... $12... for a 3 month script. $12... I’d been paying 5 times that price to have it mailed, while I could walk less than 2 minutes to Wal Mart and get it for $12.
Our insurance industries are corrupt.
Walgreens can't charge what it needs to charge, because there are things like Medicare that have certain reimbursement levels.
It looks like losing Express Scripts won't hurt them too badly (1-2% lost prescription customers) unless their margins are razor thin. From other comments Express Scripts is evil so maybe this isn't a bad thing for Walgreens.
I personally haven't shopped Walgreens because I found their prices to be too high and before I lost my healthcare I got scripts filled through the HMO pharmacy.
I was laid off from my job and went to the local Wal Mart to ask about cash price on the medication... $12... for a 3 month script. $12..
Are your scrips for thyroid hormone, or thyroid inhibiting drugs? The reason I ask, is that I only buy name brand thyroid. When I went to a regular MD, he'd prescribe the generic (levothyroxine); but when I started seeing an endocrinologist, he would only allow me to use Synthroid, and no generics. Most endos will only prescribe name brand thyroid. Supposedly, the generics are not as accurate in terms of dosage.
I've seen two. The first, showing a competitors store where chaotic hordes of people are fighting each other to buy goods. Then a cut to Walgreen's where just a handful of shoppers are calmly shopping in a pleasant atmosphere at a near-empty store.
Second commercial is a Mom who gets frustrated trying to find a parking spot at an overcrowded competitor's store, and decides to park on top of the shopping cart collection spot. Implication being - there's plenty of parking at Walgreen's.
Every time I see these commercials, my first thought is - Wow, looks like no one ever goes to Walgreen's! Wonder why? Must be expensive, or there must be something else wrong with it. Everyone would apparently rather go to their competitors' stores - for better prices, or whatever.
An ad campaign that implies your store is a place where no one ever goes doesn't seem particularly intelligent to me.
Story about Walgreens.
Our prescription insurance has a mail feature where they charge 2 monthly co pays for 3 month supply. The co pay is $10.00 a month so 90 day mail price is $20.00 vs $30.00.
My wife picked up 2 scrips at the local walgreens. The co-pay they charged was $8.07 and $15.98 for 90 day supply.
When I went and checked co pay on my meds they told me $30.00 for the 90 day supply. They had no explanation why they were charging less for my wife’s meds.
Their prices are are constantly going up. I buy private label alka Selzer from time to time. Walmart sells the item for $1.92. Walgreens prices the same item over $4.00. Ouch.
Very strange place.
Mine is Synthroid.
The FDA has specific limits on medications, but they’re no where near as exacting as those limits utilized by the drug companies. The FDA rule is 30% “error” in medication contents. So, for instance, if you used levothyroxine 100 mcg, you could be getting anywhere from 70 mcg to 130 mcg in any one dose.
I tried the generics, but my TSH was all over the place. Synthroid keeps it in the same acceptable range.
We lost jobs and insurance last January. We now get my meds from the VA (I pay the same co-pay I paid with insurance) and my wife’s meds come from Canada. We figured out we were paying just as much with insurance co-pays as we pay now without insurance.
I’ve always said the lack of “affordable” health care is not the problem. It’s health care providers over charging because they know the insurance company is not going to pay the full amount charged. That’s why you can pay cash and the bill is less.
His script is levothyroxine. For now he doesn’t need Synthroid, my daughter takes Synthriid because her thyroid unmonitored is around/controlled 175.
Her scripts even with insurance are about $100/90 days.
I have been told to go to an endocrinologists, just been diagnosed with Hoshimoto’s. So after Christmas....
WalMart has a really good pharmacy, unfortunately they are about 50 miles one way form us.
And you get it that cheap @ Wally World with no insurance? Do you mind if I ask the dosage? Mine is 200 (I had RAI in 1991; so ALL my thyroid comes from a pill). Maybe I will switch as well!
A new 24-hr Walgreen’s opened in town; I thought I’d try them out. In the few times I used them, they got the ‘scripts wrong ... fortunately, I can avoid them b/c there are other box-stores.
I *have* to use Express Scripts based on what my insurance carrier *says* .... yesterday, I phoned in for an order and got into a tiff w/ the rep on the phone. They think they are god. I hate them and may try to move my business to WalMart.
Only one of my meds I’m *stuck* on, is generic..I’ve been pretty successful whining to my physician about co-pay costs and he kindly goes to his *closet* and sends me home with salesman samples for nothing. But this can’t go on forever.
Without any hesitation my doctor will not prescribe levothyroxin- he goes for the brand. I figure the reason I go to the doctor is to receive appropriate medical advice and care. So brand name it is.
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