Pharmacy benefit management shares slid Friday after Wal-Mart Stores added a major prescription drug - the unbranded version of the cholesterol-lowering medication Pravachol - to its $4 a month generic-pharmaceutical program.
As of this week, the discount retailer includes generic pravastatin on its list of unbranded pharmaceuticals available for $4 for a 30-day prescription.
Pravastatin became available on the U.S. market earlier this year, providing competition to what had been a blockbuster drug for New York-based Bristol-Myers Squibb Co.
''This announcement comes as a surprise to us, and is likely to be perceived as an incremental negative for the PBMs,'' JPMorgan said, adding, however, that the firm doesn't think the move will cause a significant shift of prescriptions from PBMs' mail-order pharmacies to Bentonville, Ark.-based Wal-Mart.
Shares of all three major stand-alone PBMs declined.
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As of this week, the discount retailer includes generic pravastatin on its list of unbranded pharmaceuticals available for $4 for a 30-day prescription.
Pravastatin became available on the U.S. market earlier this year, providing competition to what had been a blockbuster drug for New York-based Bristol-Myers Squibb Co.
''This announcement comes as a surprise to us, and is likely to be perceived as an incremental negative for the PBMs,'' JPMorgan said, adding, however, that the firm doesn't think the move will cause a significant shift of prescriptions from PBMs' mail-order pharmacies to Bentonville, Ark.-based Wal-Mart.
Shares of all three major stand-alone PBMs declined.
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2 comments:
Further to Pfizer's move to Far east. Wall Mart has it right. They buy their Pravachol there for $0.005 a pill, cost them another $0.0000001 per pill for transport and vages in USA and onother $.000001 for workers' benfits and they sell it to you for $4.00 for monthly supply of 30. Not a bad deal for both parties especially Wall Mart. Who do you think makes more profit $$. Wall Mart of the
maker of brand name Pravechol. Please do not do the percentage of profit gain, it would be astronomical.
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