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Friday, October 13, 2006

Medicaid D - A Closer Look

Medicare Part D – not always the cheapest

An August survey looked at the price of six prescription drugs at 261 pharmacies in South Florida. Those prices were then compared with 44 insurance plans that offer Part D coverage at ''full cost,'' after Medicare patients have used the first $2,250 of their drug benefit and have fell into the so-called doughnut hole.

Here is a quick example, a 30-day supply of the cholesterol drug Lipitor could be purchased at Wal-Mart for $62.85. The lowest out-of-pocket price in the Medicare Part D plans was $67.46, according to the Consumers Union survey. And at XLPharmacy in Canada that same prescription is only $20.00 to $30.00 depending on whether it’s 10 or 20 mg.

There is to be at least eight prescription-drug plans in place in Florida alone in 2007 that provide coverage in the so-called doughnut hole, and the monthly premiums will be between $36.60 to $104.89, according to the Florida Department of Elder Affairs. The average Medicare Part D plan monthly premium in Florida is $24 now.

Your drug costs can go up or down, depending on the plan. Medicare D still needs a lot of work.
And just as a side note here, we found that Big Pharma also complained that Canadian imports aren't inspected by the
U.S. Food and Drug Administration (FDA).

Let’s look at this one for the sake of argument

Among the problems with that argument is that Big Pharma itself imports many of its most lucrative drugs from offshore, low-cost jurisdictions, where manufacturing facilities have sometimes been found by the FDA to be substandard.

Then there is the derogatory report that showed up late last month from a panel of the Institute of Medicine (IOM), which found that the FDA's seal of approval isn't a guarantee of safety in medicine — proof which includes Merck & Co.'s withdrawal of its leading arthritis drug Vioxx after studies showed it doubled the chances for severe heart disease. The FDA's raised questions about the agency's ability to ensure the safety of the U.S.'s drug supply.
(read more on how the FDA is now paid a fast-track fee)

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