Small businesses are straining under the pressure of sharply rising health insurance costs, leading many employers to cut their employee coverage. To provide critical relief for smaller-sized companies, Medco Health Solutions, Inc. (NYSE:MHS) today announced the introduction of Generics First(TM), one of the nation's lowest cost generic prescription drug programs for small to mid-size businesses.
Generics First, an insured product available only through Medco's insurance partners via their licensed agents and brokers, is up to half the cost of traditional plans, with members receiving up to a 90-day supply of generic drugs for a $10 co-pay.
Medco is launching the Generics First product with Nationwide, a leader in insurance and financial services, who will be selling the product under the name Nationwide Select.
Many small businesses have seen their premiums rise as much as 50 percent over the past several years making health care costs the #1 issue they're facing, according to a recent study by the National Federation of Independent Business Trade Group. With the average generic drug costing approximately 70 percent less than its branded counterpart - and nearly 75 percent of all FDA approved drugs available in generic form - fully utilizing these lower-cost alternatives can mean the difference between a business providing an effective prescription drug plan for its employees or eliminating coverage altogether.
