We’ve all heard the news stories about high-cost prescriptions.
But did you know you can save an incredible amount of money by choosing the generic brand option?
First, you may be wondering why brand-name drugs are more expensive. The makers of those drugs have costs such as research, testing and promotions. Usually, some of those costs will trickle down to the consumer, causing the drug to be more expensive. However, the brand-name drugs have patents that have an expiration date. Once the patent expires, other companies can take the formulation and create a generic version.
Generic drugs are versions of brand-name drugs, so they both include the following:
- Exact same dosage
- Same intended use
- Route of administration (i.e. oral, topical, or injectable)
- Risks & safety
Because they are the same medicine, generic drugs are just as effective as brand-name drugs and undergo the same rigid FDA standards. But on average, a generic version costs 80% to 85% less than the brand-name equivalent. To find out if there is a generic equivalent for your brand-name medication, visit www.fda.gov.
Content by Lockton Dunning Benefits with info from https://www.fda.gov/drugs/buying-using-medicine-safely/generic-drugs and https://www.cigna.com/individuals-families/understanding-insurance/generic-vs-brand-name-drugs
According to the FDA, 9 out of 10 prescriptions filled in the U.S. are for generic drugs vs. brand-name drugs.