One more sign of the tough times, and around 77% are generic drugs for Medicaid patients, higher than the state’s average. BD
As a result of extreme reimbursement cuts in the State of Washington Medicaid program, Walgreens (NYSE:WAG)(NASDAQ:WAG) announced it will withdraw 44 of its pharmacies from the state's Medicaid program as of May 1. These 44 pharmacies represent more than 60 percent of the company's total Medicaid business in the state and are found in communities large and small. Walgreens operates 111 pharmacies throughout Washington.
Under a new Medicaid reimbursement rule set to take effect on April 1, the State of Washington will significantly reduce the price it will pay for brand name medications, severely impacting the economic viability of doing business in Washington.Kermit Crawford, Walgreens senior vice president of pharmacy, said, "We have made the decision to stop filling Medicaid prescriptions in these pharmacies after long and careful deliberations. Walgreens is the market leader in Washington and provides cost-effective pharmacy service across the state. We have thousands of loyal patients who appreciate and trust our pharmacists, and we are absolutely committed to patient care.
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