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Importing Drugs Could Help Illinois Save $90 Million a Year
Aired October 27, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Well the savings are for real and one state may be ready to help its bottom line by buying prescription drugs directly from Canada.
Carrie Lee has the story from the Nasdaq market site in Times Square.
Hi -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Thank you, Heidi.
A very interesting study coming out today from the state of Illinois, displaying that the state could save more than $90 million a year without risking patient safety by setting up a program to buy prescription drugs from Canada for state workers and retirees.
Now the Illinois governor is an advocate of importing prescription drugs from Canada where they are cheaper than they are in the United States. If the governor OKs the program, Illinois would become not only the first state but also the largest U.S. institution to begin systematic purchases of medications outside of the United States.
Now remember, importing cheaper prescription drugs from Canada is technically illegal. However, a lot of Americans do it anyway. The law is rarely enforced. Also, the spread of the practice to cities and states could put a lot of pressure on drug manufacturers to cut prices in the United States. A couple of other states have also started looking into similar programs, Heidi, so a very interesting development here. And again, that study from the state of Illinois coming out today.
COLLINS: All right, Carrie, how are things looking overseas this morning?
LEE: Well, overseas is though -- the -- not looking too bad. Of course the market is in full force there. Here things have gotten -- have shown some improvement. We are expecting a little bit of a higher open. Three Dow components reporting profits this morning. International Paper and Procter & Gamble before the opening, and then we'll hear from American Express during the session. So the profit parade continues, and we'll be watching all of the numbers.
Heidi, back to you.
COLLINS: All right. Carrie Lee, thanks so much, from the Nasdaq market site. We appreciate it. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
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Aired October 27, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Well the savings are for real and one state may be ready to help its bottom line by buying prescription drugs directly from Canada.
Carrie Lee has the story from the Nasdaq market site in Times Square.
Hi -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Thank you, Heidi.
A very interesting study coming out today from the state of Illinois, displaying that the state could save more than $90 million a year without risking patient safety by setting up a program to buy prescription drugs from Canada for state workers and retirees.
Now the Illinois governor is an advocate of importing prescription drugs from Canada where they are cheaper than they are in the United States. If the governor OKs the program, Illinois would become not only the first state but also the largest U.S. institution to begin systematic purchases of medications outside of the United States.
Now remember, importing cheaper prescription drugs from Canada is technically illegal. However, a lot of Americans do it anyway. The law is rarely enforced. Also, the spread of the practice to cities and states could put a lot of pressure on drug manufacturers to cut prices in the United States. A couple of other states have also started looking into similar programs, Heidi, so a very interesting development here. And again, that study from the state of Illinois coming out today.
COLLINS: All right, Carrie, how are things looking overseas this morning?
LEE: Well, overseas is though -- the -- not looking too bad. Of course the market is in full force there. Here things have gotten -- have shown some improvement. We are expecting a little bit of a higher open. Three Dow components reporting profits this morning. International Paper and Procter & Gamble before the opening, and then we'll hear from American Express during the session. So the profit parade continues, and we'll be watching all of the numbers.
Heidi, back to you.
COLLINS: All right. Carrie Lee, thanks so much, from the Nasdaq market site. We appreciate it. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
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