Health Insurance Values » Ways to save
Try a ‘generic’ solution to high prescription costs
Generic doesn’t always translate to low quality. As a matter of fact, when it comes to prescription drugs, the word generic correlates with low cost. At a time when saving money is on many minds, you may want to reduce your pharmaceutical expenses with generic alternatives.
Consumers can save as much as 80 percent by substituting generic drugs for their brand name equivalents. The U.S. Food and Drug Administration reports that generics save Americans $8 to $10 billion annually. Many pharmacies help their customers reduce costs by automatically substituting generics for brand name drugs, unless the physician has stated otherwise. Target and Walmart pharmacies have also started prescription savings programs that cover certain generics for as little as $4.
Generic drugs are safe. The FDA monitors and approves generics to make sure they adhere to the same quality, strength, purity and potency standards as brand name drugs. They have the same active ingredients and work the same way in the body.
If generics held to the same standards as brand name drugs, why is the cost so much lower? Brand name drugs take several years and millions of dollars to develop. After a brand name drug’s patent expires, which is usually around 17 years, other companies can sell a generic version. Of course generic drugs must still be develop and then approved by the FDA; however, it is not as expensive or time-consuming as creating and marketing a new drug from scratch.
Ask your doctor if generic versions of your medications are available and if you may use them. You should also ask your doctor and pharmacist if there are different side effects or risks associated with the generic versions of the drugs you take.
Many consumers trust generics. They account for 7 out of 10 prescriptions filled, according to the FDA. If you are still unsure about generic drugs, the FDA offers answers to many of your questions.
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