A generic version of Risperdal has been available for quite a while. But recently, the price pharmacies pay for generic risperidone has dropped substantially. When these generic price drops occur, some pharmacies lower their prices accordingly, and pass these savings on to their customers. But—as we’ve seen before on this blog—many pharmacies will continue to keep their prices artificially inflated.
I decided to call around to a few different pharmacies to determine their price for this medication, which is taken for schizophrenia, bipolar disorder, and other mental illnesses.
Price for Generic Risperdal (risperidone) 1mg #90 Tablets
Albertsons: $337.00
Costco: $116.44
CVS: $305.00
Duane Reade: $193.89
Hy-Vee: $410.00
Local Independent Pharmacy #1: $240.90
Local Independent Pharmacy #2: $103.26
Kmart: $148.97
Kroger: $103.09
Publix: $306.00
Rite Aid: $368.99
Safeway: $173.06
Sams: $126.68
Target: $364.99
Walgreens: $350.89
Wal-Mart: $403.54
I decided to call around to a few different pharmacies to determine their price for this medication, which is taken for schizophrenia, bipolar disorder, and other mental illnesses.
Price for Generic Risperdal (risperidone) 1mg #90 Tablets
Albertsons: $337.00
Costco: $116.44
CVS: $305.00
Duane Reade: $193.89
Hy-Vee: $410.00
Local Independent Pharmacy #1: $240.90
Local Independent Pharmacy #2: $103.26
Kmart: $148.97
Kroger: $103.09
Publix: $306.00
Rite Aid: $368.99
Safeway: $173.06
Sams: $126.68
Target: $364.99
Walgreens: $350.89
Wal-Mart: $403.54
I knew the price would vary quite a bit, but I was actually surprised at how much some pharmacies are still charging for this drug. I was particularly surprised with Wal-Mart, who was just $7.50 away from having the most expensive price out of any of these pharmacies. This is even more unexpected when you consider that Sams is charging about 30% of Wal-Mart’s price. Sams and Wal-Mart are obviously paying the same amount for this medication . . . yet Wal-Mart is charging an additional $275 compared to Sams.
Remember, Don’t be Fooled by Brand-Name Price Comparisons
Many pharmacies train their employees to first read the price of the brand-name version of a drug before giving a generic price. By doing so, this makes any generic price seem like a bargain . . . even if the generic price is grossly overinflated. For instance, when Wal-Mart first mentioned that this prescription would cost more than $500 for brand-name Risperdal, their generic price of $403.54 might have sounded like a good deal . . . until you consider that they’re overcharging for this prescription by about $300.
Remember, Don’t be Fooled by Brand-Name Price Comparisons
Many pharmacies train their employees to first read the price of the brand-name version of a drug before giving a generic price. By doing so, this makes any generic price seem like a bargain . . . even if the generic price is grossly overinflated. For instance, when Wal-Mart first mentioned that this prescription would cost more than $500 for brand-name Risperdal, their generic price of $403.54 might have sounded like a good deal . . . until you consider that they’re overcharging for this prescription by about $300.
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2 comments:
Amazing.
Could the variation be due to differences in the AWP for risperidone between generic makers? Looks like AWP for #90 ranges from $119 to $343 based on generic manufacturer.
FYI, the MAC price in Florida for 1 tablet = $0.9345, so #90 = $84.11.
Adam
I honestly don't think so. While there is huge variation in AWP among the different generic manufacturers, I can't imagine any of these companies using AWP as a benchmark to set their pricing on this drug. I could possibly see this with a small independent . . . where it might just fall through the cracks. But I firmly believe that these bigger chains know exactly what they're doing.
In fact, any pharmacy would actually make a pretty nice profit off a reimbursemnet of $84.11/90 tablets! That's how much this drug is overpriced.
I would also be willing to bet that the pharmacies that I surveyed with the lowest prices would actually be charging much less if it weren't for the crazy high prices of these other stores. For example, there's little incentive to charge $60/90 tablets when the chain down the street is charging $300-400.
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