Pfizer Offers Discounts for the Uninsured

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Pfizer Inc. on Wednesday said it will expand access to its prescription drugs by offering a flat $15-per-prescription fee to qualified Medicare beneficiaries and by offering discounts to uninsured low-income families.

Responding to the soaring cost of healthcare, which has encouraged the reimportation of drugs from outside the United States, Pfizer said its initiative will focus on helping the 43 million uninsured Americans get Pfizer drugs at deep discounts.

The world’s largest drug company said low-income Medicare beneficiaries on all Medicare-approved drug discount cards will have access to many Pfizer medicines for a flat fee of $15 per prescription after they have exhausted a $600 credit.

With enrollment beginning in August, Pfizer said it will provide Americans without insurance drug coverage access to Pfizer medicines at an average savings of 37 percent.

Pfizer said a working father earning $41,000 a year who now pays $79.58 a month for Pfizer’s popular cholesterol-lowering medicine Lipitor at his local pharmacy will see his monthly cost drop to about $52.71, a savings of almost 34 percent.

Pfizer said it will offer uninsured families earning less than $45,000 a year the ability to buy medicines at prices similar to those paid by large purchasers.

Families without drug coverage making more than $45,000 will be eligible for average savings of 15 percent off retail prices.

The strategy is designed to help lower healthcare costs by encouraging early treatment and use of preventive medicine instead of more costly emergency room care or treatment of a disease that has gone undetected for a long period of time, the company said.

Pfizer shares closed on Tuesday at $33.87 on the New York Stock Exchange. 

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