As major retailers are offering to cut the cost of generic prescriptions in some areas of the country, consumers could soon be looking to other retailers and manufacturers to lower the cost of prescription drugs
(PRWEB) October 3, 2006
Kansas City, Kan. – In the last week, retailers have made the news with their plans to reduce the cost of generic drugs in the Tampa Bay, Fla. area. As this is only a small part of the United States, Compdata Surveys, the nation’s leading compensation and benefits survey data provider, examined the cost of prescription co-pays across the country. According to their Compensation Data annual survey of more than 5,300 employers, the cost of co-pays has risen for all drug levels in both percentage and flat dollar plans.
Nationally, employees now pay an average of $10.89 for generic drugs, $24.02 for formulary drugs and $39.70 for non-formulary drugs on a flat dollar co-pay plan. In 2005, the average prescription co-pay for a generic prescription was $10.60, while a formulary drug cost $22.83 and a non-formulary prescription cost $37.48. While all co-pays have risen over the last year, only formulary and non-formulary drugs in flat dollar plans have seen a significant increase in cost.
With percentage plans, the same trends exist for consumers. Currently, the average percent co-pay for generic drugs is 21.4 percent, 27.9 percent for formulary drugs and 36.4 percent for non-formulary drugs. In 2005, employees paid 19.2 percent of generic drug costs, 24.9 percent of formulary drugs and 33.6 percent for non-formulary drugs.
"As major retailers are offering to cut the cost of generic prescriptions in some areas of the country, consumers could soon be looking to other retailers and manufacturers to lower the cost of prescription drugs," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider.
How the Numbers Stack Up
Flat Dollar Amount Plans
About the Survey
Compensation Data 2006 contains data on 532 job titles ranging from entry-level to top executives. Information was collected on more than 6.3 million employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2006.
Compdata Surveys, http://www.compdatasurveys.com, is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across 37 states. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Lyons at (800) 300-9570.
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