Pfizer Offers Low-Income Card

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Pfizer Offers Low-Income Card

By JANELLE CARTER, Associated Press Writer

WASHINGTON (AP) - Pharmaceutical giant Pfizer is offering low-income senior

citizens some of its most widely used prescriptions for $15 each a month.

Included are drugs for lowering cholesterol and blood pressure and treating

depression.

The program, which begins March 1, is expected to reach as many as seven million

eligible elderly Americans. Seniors enrolled in the program will have access to

drugs like Viagra and the cholesterol-lowering drug Lipitor (news - web sites),

two of the company's most popular.

To qualify, seniors must be enrolled in Medicare and have an annual gross income

below $18,000, or less than $24,000 for couples. Recipients can have no other

prescription drug coverage.

There is no enrollment fee and no limit on the number of drugs a patient can

receive. Those applying will have to provide proof of their income, such as the

first page of a tax return. CVS and Wal-Mart Stores, Inc. have agreed to

participate in the program.

``I don't doubt this program in the short term is going to cost us money but

quite frankly, it is the right thing to do,'' said Hank McKinnell, Pfizer Inc.

chairman and chief executive officer.

McKinnell said the company acted after congressional efforts to pass a

prescription drug benefit for seniors were delayed because of the September

terrorist attacks.

``Our government has focused appropriately on national security and the war on

terrorism,'' McKinnell said. ``Until the administration, Congress and the states

design an appropriate, high-quality, long-term solution for America's seniors,

we are bridging the gap now for those most in need.''

A check of online pharmacy Drugstore.com found 10 milligrams of Lipitor selling

for $54.61 for a 30 day supply. Norvasc, a drug for high blood pressure and

angina, cost $58.71 online for a 10 milligram dosage, while a 50 milligram dose

of Zoloft, a popular drug to treat depression, sold for $65.24.

Company officials expect the program to be temporary but in place until Congress

is able to pass a prescription drug benefit.

Congress is expected to try to pass prescription drug proposal for seniors this

year.

Some analysts praised Pfizer's action but questioned whether the company was

trying to stem off criticism about escalating drug costs.

``This is an effort to take some of the pressure off,'' predicted Rother,

policy director for AARP. ``It means the industry is feeling the heat with

public discontent over prices and certainly feeling the heat from the Congress

as well.''

Rother said the drug company may also fear that Congress may consider proposals

like price controls for drugs.

Just a day earlier, Pfizer, which is the world's largest drug company, reached

an agreement with the federal government to turn over information that had been

subpoenaed two weeks ago as part of an investigation into pharmaceutical prices.

Pfizer, which is the world's largest drug company, recently released figures

showing it expects a 20 percent hike in earnings for 2002.

Other drug companies, like GlaxoKline and Novartis, have discount drug

cards but many of those charge seniors a modest fee, usually $12 to $25 per

year, in exchange for a discount. Those programs are less restrictive, however,

with income limits of $26,000 for singles and $35,000 for couples.

Still, those discount cards have met criticism. A recent government study found

that savings with the current discount cards are minimal for many of the most

popular brand-name drugs.

The cost of prescription drugs is critically important for many older people,

about 27 percent of whom have no drug coverage at all.

The Bush administration and lawmakers on Capitol Hill had praises for Pfizer.

``Pfizer is showing tremendous leadership, providing low income seniors with the

drugs they need in a way that they can afford,'' Health and Human Services (news

- web sites) Secretary Tommy said in a videotaped statement.

Rep. Edolphus Towns, D-N.Y., said, ``They recognize that something needs to be

done and they're moving forward to do it.''

Shares of Pfizer were down 11 cents to close at $40.41 in trading on the New

York Stock Exchange (news - web sites) Tuesday.

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Editors' Note: Card applications are available by calling 1-800-717-6005 or on

the Web at http://www.pfizerforliving.com

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On the Net:

Pfizer: http://www.pfizer.com

http://dailynews./h/ap/20020116/bs/pfizer_drug_card_5.html