Generic Drugs: Basics of and Savings on Generic Drugs or Medicines
After blogging about the definition and importance of generic drugs or medicines, I’m posting a follow up to that article with this one which deals with the some basics of generic drugs and the possible money you’ll save by buying generic medicines instead of brand-name medicines.
Generics are copies of brand-name medicines whose patents have expired. That usually happens after a brand drug has been on the market for about 10 to 14 years. By law, the brand name company loses the right to be the only seller of that drug after its patent period is up. But it can be quite confusing when new generics become available.
The first reason for that confusion is that most of the time the brandname drug stays on the market. So if you have been taking one for many years for a chronic disease, you and your doctor will have a choice: You can stick with the brand or switch to the generic.
Not surprisingly, you may be reluctant to switch at first because change isn’t easy if something is working. That’s one reason many generics remain under-prescribed compared to brands. But these days, your insurer, pharmacist, and doctor may be newly committed to making the switch. Our advice: there’s no reason not to. The second reason generics can be confusing is that generic pills often look different. The companies that make brand-name drugs have been very successful at selling you their pharmapills in certain colors, shapes, and sizes. For example, you may recall the ads for the “purple pill” (for heartburn).
Brand pills may also have a colored outer shell that contains a sweetener. Generics, in contract, are often plain white pills that don’t look as high quality. Our advice: don’t be fooled by appearances. The shape,
color, and taste of a pill make no biological or medical difference. The third reason for confusion is that many doctors may continue to write a prescription for the brand medicine and leave it to the pharmacist to ask you whether you would prefer that or the generic. In every state, the pharmacist can make this switch without the doctor’s permission, but they must ask you first. The problem: when you get asked this question for the first time or for a new prescription, you may be reluctant. Our advice: talk it over with the pharmacist and take the generic.
Other doctors may switch to writing the prescription for the generic without fully explaining this to you. Our recommendation is to talk with your doctor about your prescription when it is being written in his or her office. Inquire whether the prescription is for a brand or generic, and learn why your doctor has prescribed one or the other. The fourth reason generics can be confusing is that most of us have health insurance that covers much of the cost of our medicines. Why bother with the generic if the brand is not going to cost you that much more?
Well, for one, the generic will cost you less, so why not. For example, these days you may have to pay $7 to $10 for the generic versus $15 to $35 for the brand-name drug. If you take several medicines, the difference can mount. Also, by switching, you’ll be helping to keep a lid on soaring health care costs and insurance premiums.
Remember, on average, the price for the generic will be one-third the price of the brand. So, the savings for everyone is substantial.
