Washington — 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 7 million eligible elderly Americans. Seniors enrolled in the program will have access to drugs like Viagra and the cholesterol-lowering drug Lipitor, 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."
Company officials expect the program to be temporary but in place until Congress is able to pass a prescription drug benefit.
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