No, that is absolutely false.
If you have prescription insurance with the company, there are many generics where your co-pay is $4, but by no means is it any and all drugs (or even any and all generics).
The $4 generic list includes over 300 generic medications (again, not ALL generics) where a typical one month supply is $4 (or a 3 month supply is $10) but those "cash" (non-insurance) prices are available to anyone, not just employees.
Many name brand medications have actually gone up in price since the prescription insurance plan for employees changed at the end of July - trying to get people to use less expensive alternatives (as many companies try to do).