Wal-Mart Stores offers $4 generic drugs in Florida

TAMPA, Florida (Reuters) - Wal-Mart Stores Inc., the world's largest retailer, said on Thursday it would cut the prices of nearly 300 generic drugs to $4 per prescription starting in the retirement haven of Tampa, Florida.

The move, immediately copied by rival Target Inc., slammed stock prices of drug retailers, with shares of No. 2 U.S. drugstore chain CVS falling 8.4 percent.

Wal-Mart characterized the program as "part of its ongoing commitment to provide affordable health care to America's working families," but critics called it a public relations move by a giant retailer accused of gobbling up mom-and-pop stores, relentlessly pressuring competitors and suppliers with discounted prices and refusing to provide insurance for many employees, forcing them to rely on government health plans.

Still, some consumer advocates said the move might drive down drug prices in general, and shares of generic drugmakers also fell.

link to full article