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Save A Few Billion: Buy Generic Drugs


Aug 26, 2007

Americans spend 275 billion dollars on prescription medicines every single year, sixty percent of it on generics. But in the next five years, the twenty-year patents are going to expire on enough brand-name medicines to account for about 60 billion dollars of that total. And the generics that spring up to replace those drugs will be thirty to eighty percent cheaper.

It's good news for everyone who takes medicine, except maybe for the 22 percent who don't trust generics to be as good as brand names. Perhaps they're equating generic drugs to knock-offs of other products, like clothing, which may not measure up to the original name brand. But when it comes to drugs, it's important to remember that the FDA makes sure that generics meet the same quality standards as the brand names. They're just as good, so you may as well save the money.

Source: The New York Times

Editor's Note: My health plan charges me a larger co-pay for my insulin, Levemir and Novolog, even though no generic insulins yet exist. Their policy of charging a premium for a brand name even when a generic isn't available does not seem quite kosher. Let's hope that generic insulins make it to the market soon. (For more on that possibility, see "Why Does Insulin Cost More Than Ever? It's All In The Way It's Made", May 2007.)


Categories: Beginners, Insulin, Medications, Pharmacy, Professional Issues, Type 1 Issues, Type 2 Medications



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Comments

Posted by Anonymous on 5 December 2007

FDA and Business companies should be accountable.

Consumers want cheaper price but do not put forth the research and responsibility on themselves. Its easier to blame someone else verses take responsibilities for one self.

Commerce is versitile so knock it off on the Chinese Lead issue. Many other foreign countries are just as guilty. Before you cast a stone at one nation; we are all from another nation due proper research and you will fine error..

Posted by Anonymous on 26 October 2009

Yes we can save on buying generics. I don't have health insurance and I have been getting generic medications from International Drug Mart and saving a lot. These generics are effective as brand ones and I am healthier too.

Posted by joyjohn on 26 October 2009

Yes we can save on buying generics. I don't have health insurance and I have been getting generic medications from International Drug Mart and saving a lot. These generics are effective as brand ones and I am healthier too


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