To kick start 2013, Costco made an announcement in its monthly newsletter that its new health program offers employees of small and mid-sized companies discounted prescription medicines through Costco’s in-warehouse pharmacies. Costco has reached out to its network of 64,000 independent pharmacies, and negotiated prices of certain drugs in hopes of benefiting the public while increasing its membership, as well as increasing purchases from those walking through its aisles to get to the pharmacy. With these prices in place, participants will reap significant savings of 10 to 15 percent over other drug prescription plans. Since Costco is one of the leading wholesale superstores, PBM category leaders such as CVS Caremark will likely pay close attention to Costco’s next moves, as well as how this move pans out. Continue reading
For those of us who represent pharmaceutical industry clients, it’s been hard to open the papers or flip through the latest edition of our favorite pharma publications over the past year without reading about the alleged, imminent demise of the pharmaceutical industry.
Stories with headlines questioning trust and transparency, product recalls, multimillion dollar court cases or the end of the era of “blockbuster” treatments, at times, end with the conclusion that the industry is in decline.
But not so fast!