Competition Keeps Other Drug Prices Low Despite Strength of Canadian Dollar
WHITE PLAINS, NY — June 25, 2003 —PharmacyChecker.com, a website that evaluates online pharmacies and compares their prices, reported today that products from drug manufacturer GlaxoSmithKline have, on average, increased in price by 22% at online Canadian pharmacies since the first quarter of this year. At some pharmacies, the increase is as high as 50% on certain Glaxo products. The price increase coincides with Glaxo's policy of restricting the sale of its products to Canadian pharmacies that ship to U.S. consumers.
The Glaxo decision has not yet, however, affected all Canadian online pharmacies. For example, the price for Flonase, Glaxo's allergy drug, rose 40% at one Canadian pharmacy, while increasing only 6% at some others. The price for the popular Glaxo asthma drug Advair Diskus (60 doses, 100 mcg) now ranges from $106.62 to $65.95 among the Canadian pharmacies — a 62% difference. By comparison, one U.S. online pharmacy charges $127.99 — still 94% higher than the least expensive Canadian online pharmacy.
Aside from Glaxo's products, and despite a 10% drop in the value of the U.S. dollar, prices among Canadian online pharmacies have increased by only 5% since end of last quarter — representing an actual reduction in prices in Canadian dollars. This may be due to increased competition among the Canadian pharmacies as they push into the U.S. market.
"Most prescription drugs are still substantially less expensive in Canada," said Dr. Tod Cooperman, President of PharmacyChecker.com. "However, consumers will see big differences among pharmacies in the prices of Glaxo products depending on whether or not a pharmacy's supply is being restricted."
PharmacyChecker.com has learned that some online pharmacies affected by Glaxo's restrictions are seeking Glaxo products from retailers and wholesalers that have not been targeted. Others, out of fear of being targeted, are now shielding the identity of their bricks and mortar pharmacies to avoid discrimination. "With some pharmacies being hard pressed to fill orders, consumers need to be extra cautious about where they buy products to be sure that they are coming from a licensed pharmacy." Dr. Cooperman added.
PharmacyChecker has evaluated the qualifications of 15 online pharmacies. To date, 7 Canadian online pharmacies have received its highest rating indicating that they dispense through licensed bricks and mortar pharmacies and offer important consumer protections. The websites of many of these pharmacies now bear the PharmacyChecker.com "Highest Rating" Seal (For more about the Seal go to https://www.pharmacychecker.com/seal.asp).
Price Tracker Service Introduced:
In addition to its online rating and price comparison service, PharamcyChecker.com is now offering a customized PriceTracker service to help businesses track changes in online drug prices. The service also identifies which drugs are most popularly sought online.
Price comparisons on over 1,500 medications as well as pharmacy ratings and 40-item profiles are available at www.pharmacychecker.com on a subscription basis. Customer ratings of pharmacies will also be available shortly on PharmacyChecker.com's Web site. PharmacyChecker.com is privately held and based in White Plains, New York. It has no ownership in or from companies that sell or distribute pharmacy products. Individual subscriptions to PharmacyChecker.com are available online. For specialized reports or group subscriptions, contact Gabriel Levitt, Director of Research at gabriel.levitt@pharmacychecker.com.
