Shop Around for Prescription Savings

(CBS)  Americans spend more than $250 billion every year on prescription medications and, if you don't have insurance, it can really pay to shop around, says "Early Show" consumer correspondent Susan Koeppen.

She showed Tuesday on the broadcast how drug prices aren't created equally.

Koeppen met Christine Nyholm, who lost her job -- and her health insurance. When that happened, Nyholm, who took three prescriptions regularly, began paying out-of-pocket. But the price got so steep, she stopped one of her medications because she couldn't afford it.

That's when her doctor advised her to start shopping around.

"I never thought about shopping around for prescription drugs before because I didn't need to," she said. "I was amazed at what I learned."

Nyholm called drug stores in her area and just asked for a quote. She started with an antibiotic. When she called Walgreens, she was told $49, while Costco quoted $22.

"(That's a) very, very big difference," she said.

Nyholm now saves about $100 on her prescription drugs.

What could you save?

Koeppen did some shopping around -- the country -- to see what savings might be out there for the prescription drugs bargain hunter.

In Los Angeles, Koeppen found the popular anti-depressant Paxil cost $170 at Walgreens, while Rite Aid cost much less with an $85 refill -- half the price.

A month's supply of Lipitor cost $142 in a Dallas CVS pharmacy, while at Sam's Club in the same city, the price was $20 less at $122.

And in New York, the asthma drug Advair was quoted at $322, while at Duane Reade, the drug costs more than a hundred dollars less at $209.

Laurie Reiley, vice president of Public Policy for Pharmaceutical Research and Manufacturers of America (PHRMA), a representative of the pharmaceutical industry, said shopping around is very important.

Reily said about 75 percent prescription cost is made by the manufacturer, but the other 25 percent are costs added on by the wholesaler or pharmacy.

"They do have some flexibility," she said.

Koeppen recommended asking for cheaper generic options and shopping at approved online pharmacies. Some people may also qualify for free and low-cost drugs, Koeppen said.

She added if you do shop around, you should tell all pharmacies what you're taking to avoid any dangerous drug interactions.

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For more information on shopping around for prescription drugs, click here.

[NaomiFairfax]

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[NadiaMT]

If you're looking to save money on prescription costs there is a new website called 'Medtipster' that allows you to locate low-cost generics from reputable pharmacies in your area. All you have to do is go to Medtipster's homepage and type in the medication you need, the dosage and your zip code and the site will direct you to the least expensive retailer. It's a great tool to save on you and your family's medical/prescription needs. Google search "Medtipster" and check it out.

[weharris2]

In your article, you should place more emphasis on generic drugs. It was included as almost an afterthought. BI-LO offers many, many generic drugs for only $4 per 30 day supply. I use 2 prescriptions that used to cost much more than I am now paying. One was generic Altace(Ramipril). Brand name Altace costs about $80. Generic Altace(Ramipril) costs about $50 at CVS and Walgreens, but only costs $4 at BI-LO. Also, a third drug that I take is Ambien. Brand name Ambien costs $150 per 30 day supply, Generic Ambien(Zolpidem) costs about $50 at CVS and Walgreens, but only $9 at Rite-Aid. Once I found these cheaper prices, I was angry at how much I had been ripped off by the drug and insurance industries. Wayne Harris.