World's largest retailer offers generics at $4

Wal-Mart, the world's largest retailer, has launched a pilot program in the US State of Florida to provide nearly 300 generic drugs to customers with or without medical insurance for $4 per month. For many customers who are insured, these prices will actually be lower than their co-payments.

The stock market's reaction to the news was a fall for major Wal-Mart competitors, including Walgreens and CVS. In response to the news, another leading US retailer, Target, announced that it would match Wal-Mart's offer.

Wal-Mart chief executive, H Lee Scott said: "competition and market forces have been absent from our health care system, and that has hurt working families tremendously." He added that the scheme will eventually be expanded across the country.