If you’ve had a prescription filled recently, there’s a good chance you’re taking a generic drug. In fact, almost 80 percent of prescription drugs sold are generics. It’s estimated you can save at least two-thirds of your drug costs if you use generic drugs. According to the FDA, generics can be trusted to have the same quality as brand-name drug, but at a cheaper price. That’s important because no one should compromise their health to save money.
How generic and brand-name drugs are the same
The FDA requires generic drugs to meet standards that ensure they’re the same basic product as their brand-name counterparts. That means the generic is safe and can be taken the same way and for the same reason as the brand-name. For the FDA to approve a generic, it must be the same as the brand-name in active ingredient, strength, use and effect, how you take it (e.g. pill, inhaler or liquid), ability to reach the required level in the bloodstream at the right time and to the same extent, and testing standards.
How generic and brand-name drugs are different
The FDA does allow some differences between generic and brand-name drugs, but the differences don’t affect how it works or how safe it is. Generics may be a different shape or color, have different packaging or have minor differences in labeling. Generics are allowed to have different inactive ingredients like flavoring or preservatives, but those ingredients must still be considered safe by the FDA. Finally, generics may also have a different expiration date than the brand-name. However, just like a brand-name product, the generic must still be effective until its expiration date.
Why generic drugs are cheaper
Making a new drug is expensive. A manufacturer’s costs for launching a new drug include research; large-scale testing; and advertising, marketing and promotion. Generic drug makers’ costs are relatively low because the product has already been developed and tested by the brand-name maker.
Should you be taking generic medication?
Generics aren’t available for all medicines. The best way to find out if a generic is available for a medication you’re taking — and if you should take it — is to ask your doctor and pharmacist. Some health insurance plans require you to use a generic drug if one is available. You may end up paying the full cost or a higher copay if you choose to purchase the brand-name product. Check your plan documents for details.
How to save money
Resources like GoodRx may help you save money on prescriptions. With GoodRx you can:
- Compare prices for all FDA-approved prescription drugs;
- Find pharmacy discount coupons, manufacturer discounts, generics and comparable drug options; and
- Get refill reminders and alerts when prices change.
To get started with GoodRx:
- Gather information about your prescriptions (name and dose).
- Go to GoodRx.com or download the app from the App Store orGoogle Play.
- Enter the name of the drug, dose and your zip code.
- Begin comparing generic and brand-name costs as well as costs at different pharmacies.
Reach out to a Keyser Client Advocate if you need help. Local advocates are available 24 hours a day, 7 days a week, 365 days a year at 877.381.3570 ormyadvocate@keyseragency.com.