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Generic Prescription Drugs
The truth, the myths and how it can save your pocketbook
Did you know that generic prescription drugs can cost up to 80% less than their brand name counterparts? Sound too good to be true? It's not. It's hard to believe that your $100 prescription may be available for $25- without compromising quality.
When a pharmaceutical company develops a new drug, they invest quite a bit of time and money on research and development, so the FDA (US Food & Drug Administration) grants that company a patent allowing it to be the sole maker and seller of the drug. This can last up to 20 years (this is why not every brand name drug has a generic available). Once the patent expires, other drug manufacturers can apply to the FDA to produce and sell generic versions. Since these makers don't have to bear the cost of the original, name-brand manufacturer, they can charge much less. Competition amongst the generics is another factor that works in your favor as far as cost is concerned. Let's review some common misconceptions regarding generic drugs:
Myth #1: Generic drugs aren't as safe as brand names.
The FDA has the same safety and efficacy guidelines for ALL drugs. "People can use them with total confidence," states Dr. Gary Buehler, Director of the FDA's Office of Generic Drugs.
Myth #2: Generic drugs are less expensive because they are not as effective as brand name drugs and are manufactured in poorer-quality facilities.
Per FDA standards, a generic drug must have the same quality, strength, purity and stability as the brand name. The same standards apply for all drug manufacturers. If the FDA's audit results in a facility that is sub-standard, they will not be permitted to produce drugs. Furthermore, about half of all generics are manufactured in the same facility as their brand counterpart.
Myth #3: Generic drugs have different ingredients than the brand name, hence taking longer to work.
Generic drugs may indeed have a different color, flavor or other inactive ingredient than the brand name. This is due to US trademark laws, which do not allow a generic to look exactly the same as the brand name. The FDA requires generic drugs work as fast and effectively as the brand name. Active ingredients must be the same and have the same medicinal effects.
In short, by choosing generics, you're protecting your pocketbook. Another positive 'side effect' of generic drugs is that it allows Physicians Health Choice to spend money on other important services you need- such as vision and dental coverage, gym memberships and more- at no cost.
Lastly, if you find yourself choosing between your prescription drugs and other necessities, you may qualify for Extra Help from the federal government. We invite you to call the Social Services department at 1-800-295-3315 for more information.
