August 9, 2010

Generic Drugs

Savings & Safety

Generic drugs are medications with the same active ingredients as their brand-name counterparts. The FDA requires generics to be "identical... to a brand name drug in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Although generic drugs are chemically identical to their branded counterparts, they are typically sold at substantial discounts from the branded price. According to the Congressional Budget Office, generic drugs save consumers an estimated $8 to $10 billion a year at retail pharmacies."

Despite this regulatory requirement, some seniors still wonder if generics are as effective and safe as their corresponding brand-name medications. In some cases, the same manufacturer makes both a brand-name and generic version of the same medication and half of all generic drugs are manufactured by the same facilities that make the equivalent branded products.

The major advantage of generics is price. A FDA study has demonstrated that a person’s drug costs per day can be reduced by 14% to 16% if generic drugs are used instead of equivalent branded drugs, depending on their medical needs. Since senior citizens are among the largest consumers of medication in the U.S., the savings can be substantial.

In most cases, generic medications are produced after the expiration of a patent on a brand-name medication. Discuss your current prescriptions with your physician to determine if generic alternatives would save you money. Medicare Prescription Drug plans offer great coverage for generics.

* By submitting this form you agree that a licensed sales rep may contact you to discuss the specific types of products listed above. The sales rep that will be discussing plan options with you is either employed or contracted by a Medicare health plan or prescription drug plan that is not the Federal government, and they may be compensated based on your enrollment in a plan. Submitting this form does NOT affect your current enrollment, nor will it enroll you in a Medicare Advantage Plan, Prescription Drug Plan, or other Medicare plan. A Medicare Advantage plan is a health insurance plan provided through a private insurer and delivers Medicare Part A and Part B benefits. A Part D Drug plan is a prescription drug insurance plan provided through a private insurer and delivering Medicare Part D benefits. By submitting this form, you acknowledge that you have read and understand PlanPrescriber's Terms and Conditions.