Wal-Mart expanding $4 generic drug program to 14 more states

Wal-Mart Stores, Inc. (NYSE: WMT) just can't seem to let the media stop talking about its new sharply-reduced generic prescription drug program. First of all, this new prescription drug program for generic choices was supposed to be rolled out in the Tampa, Florida area only starting in early 2007. After competitor Target announced a similar program -- which cuts generic prescription drug prices on over 300 widely-prescribed drugs by up to 40% -- Wal-Mart then announced that it would roll out the program to all of Florida, immediately.

Then, grocery retailer Publix Markets announced a similar program as well. Now, in what seems like a perpetual game of retail oneupmanship, Wal-Mart has said that it will be expanding its new generic prescription drug program to 14 more states.

Wal-Mart announced that it would call for news conferences from states ranging from Alaska to Vermont, but did not elaborate on the reason except to say that the news conferences would involve a major "new customer initiative." Pretty deft, there. According to Wal-Mart, the reason for launching the new prescription drug pricing program is an effort to save working Americans money on health care. While that may be true, Wal-Mart critics said it was a stunt to draw in business and a grab for a bigger share of the drug business. Well, duh. This new initiative does both, yes?