Consumers may not always give it much thought, but there can wide spreads on the cost of the same prescription from one pharmacy to another. Many of today's time-pressed consumers, particularly those with prescription med plans, probably don't make much of an effort to do price comparisons to make sure they're getting the best deal available.
In New York, the state government has decided that it should help consumers to get the best price on prescription drugs. To achieve that aim, New York's Department of Health has launched a website, www.rx.nyhealth.gov, that publishes the prices of the 150 most prescribed drugs by areas throughout the state.
A price comparison on the prescription sleep aid Lunesta in the Buffalo area by Business First of Buffalo found a price discrepancy of nearly $58 between the highest and lowest priced pharmacies.
"Consumers compare prices when they buy groceries or buy clothes. Yet for health care, a large share of a New Yorker's income, it is difficult if not impossible for consumers to do the same," said Lieutenant Governor David Paterson. "This new website corrects this problem for prescription drugs, bringing overall health care costs down while saving New Yorkers money."
Discussion Questions: Do you see any issues with New York state running a prescription medicine price comparison website? Will we see many other states or perhaps private entities replicating what New York is doing? What will this mean for pharmacies?