TAMPA, Fla (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.
Target Inc., which has faced increasingly stiff competition from Wal-Mart, said it would immediately match the drug prices in the Tampa Bay area as part of a long-standing practice of remaining price competitive with its larger rival.
Wal-Mart characterized the program as "part of its ongoing commitment to provide affordable health care to America's working families" and said it hoped to drive down drug prices in general.
Consumer advocates said the move might achieve just that, and shares of generic companies, as well as those of other retail pharmacies, fell.
When Wal-Mart decided to sell food in its Maryland stores, the Maryland state assembly, with the strong urging of Giant Foods, decided to tax Wal-Mart extra because Wal-Mart was taking business from Giant.
I wonder what the drug store companies will get Maryland
political whores state legislators to do.