Why Wal-Mart pharmacies are the cheapest in the world
AUSTRALIA’S health service is among the world’s cheapest.
But Wal-Marts are now seeing an increasing number of patients using cheaper alternative methods, according to new research by financial services company J.P. Morgan.
P Morgan says Wal-marts are seeing a rise in prescription drug prescriptionsThe research firm says it is the cheapest alternative in Australia, but will need to expand its network to cover all Australian patientsThe study found the average price for a new prescription drug in Australia is $13.20, while an older one would cost $21.10 in the US and $24.70 in the UK.
The study also found a rise from 6.6 per cent in 2016 to 6.9 per cent the following year, with the median price going up from $16.15 in 2016 and $18.80 in 2017.
J.D. Power said the increase in prescription drugs could be due to a number of factors, including a shortage of supply and the fact that Wal-mart’s pharmacists are the only ones to have the equipment to handle the volume of prescriptions they receive.
“The pharmacy industry is facing increasing competition from the internet and other online pharmacies, and in the past decade they have become increasingly adept at filling prescriptions for their customers and managing the complexity of prescription supplies,” Mr Morgan said.
“However, they do not have the expertise or the capacity to meet the increasing demand.”
He said there were no comparable pricing options in Australia.
“In Australia, we have the best combination of a national network, which covers all Australian households, and we have a national pharmacy network, but we do not currently have a regional network,” Mr Morris said.
The report also found Wal- Mart pharmacies are increasingly seeing people using cheaper alternatives, such as prescription drugs from local pharmacies, instead of the generic medicines they normally purchase.
“Our research shows that Walmart is the only pharmacy in Australia that is the most popular alternative to generic pharmaceuticals,” Mr Jordan said.
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