Imagine that Bob and Mary are the only two kids in town allowed to sell lemonade. They could try to compete against each other, potentially resulting in lower prices, improved juice, or better service… or Mary could say to Bob, “How’s about you pay me some money so I don’t exercise my option to sell lemonade?” That means the price for lemonade is whatever Bob says it is, and he’s encouraged to keep it high because he’s paying some of that money out to Mary. Now imagine this isn’t about lemonade, but about prescription drugs. [More]
Maybe this has happened to you: you’re at the pharmacy, picking up a refill of a prescription that you or a family member have been taking for a long time. It’s a routine errand until you get sticker shock: the copay has suddenly shot up. You didn’t change insurance, it’s still the same year, and the drug is the same: how can a price change so dramatically so quickly? [More]
The country’s second largest pharmacy chain is the latest party in a class-action lawsuit that accuses CVS of deliberately overcharging hundreds of thousands of patients for generic prescription drugs. [More]
In one month, the price of your generic prescription doubles. The first person at your insurance company says “Oops, that’s a mistake,” but a second person tells you that the mistake was actually made when you were charged the original, lower price. Meanwhile, the insurance company’s website tells you that the lower price is the correct one — and none of these people actually seem to give a damn. [More]
Nearly 19 million Americans took advantage of a coupon or manufacturer’s discount on prescriptions last year. But what many of those people may not have known is that, while they did pay less for brand name pills, they could have gotten a generic for even less. [More]
With the economy and job market still stuck in “blargh,” more people are making potentially dangerous decisions about their health care, all in the name of stretching their dollar just a little bit farther. [More]
Many people expressed surprise that drug retailer CVS is a participant in our Worst Company in America tournament. In addition to the everyday issues that a pharmacy/drugstore creates for consumers, though, CVS also owns prescription benefits administrator Caremark. Brandon is a Caremark customer who takes a venerable but still useful medication called Synthroid. He recently ran into a weird situation with his refill, where he was switched to the name-brand medication for no discernible reason. Twice. [More]
The Chinese poison train makes plenty of stops outside of the United States. When those stops are in developing countries, bad things can happen. Even worse things happen when dangerous products from China are intentionally mislabeled as being from another country. Say, India.