Report: Some branded diabetes drug prices at Walmart, Kmart rise at fast rate
NEW YORK — Prices for the top 10 most prescribed branded diabetes drugs have risen faster at Walmart and Kmart than at other retailers, according to a published report.
Citing a recent study by researchers at the Mount Sinai Medical Center in New York, Reuters reported that Walmart raised prices for branded diabetes drugs by 32% between 2008 and 2010, compared with 21% for the industry as a whole — including independent and chain retail pharmacies and mail-order companies. Kmart raised prices by 35%.
Walmart has long been considered an innovator for its $4 generics program, introduced in 2006, which since has become almost standard practice for retailers around the country. The study also found that generic drug prices fell by 58% over the two-year period, while branded drug prices increased by 113%.