People love the benefits that a free discount drug card like MyMedsSavingsCard offers. One of the chief reasons is because the savings on medications can be significant. What are some other ways people can save money? Generic drugs can offer a dramatic savings on prescription medications. We thought we’d compare the two and answer some questions in a helpful FAQ.
Q. What’s the difference between a brand-name drug and a generic?
A. When the patent life of a brand-name drug ends it is eligible to be made into a generic drug. The drug manufacturer needs to ensure to the FDA that the generic contains the same active ingredient(s), as well as the same dosage form and concentration as the original drug. There may be some differences like the color or shape of the drug, and even the taste. Even though the generic drug is the equivalent of its brand-name drug it is typically sold at a substantial discount. An example of a brand name drug is valium, its generic partner is diazepam.
Q. Do generic drugs pose more of a risk than brand-name drugs?
A. Research suggests that the answer is no. According to the Generic Pharmaceutical Association, between the years 2004-2008 generic drug companies received fewer FDA warning letters about manufacturing practices than their brand-name counterparts.
Q. Does every brand-name drug have a generic equivalent?
Q. Are there any big brand-name drugs that will go generic in 2012?
A. Yes. Just last month Escitalopram was introduced. It’s brand name counterpart Lexapro is used to treat depression. Plavix, Tricor, Singulair, Actos, and Diovan are all brand-name drugs that will have generic equivalents introduced this year. The combined total in retail sales for those drugs was approximately $20 billion dollars in 2009. In 2013 it is expected that brand-name drugs such as Aciphex, Cymbalta and Xeloda will release generic forms of those popular drugs.
Q. How much cheaper are generics than brand-name drugs?
A. Generic drugs can range anywhere from 30 to 80% cheaper. In fact generic medications can’t be marketed at a higher price than their brand name counterpart. It’s reported that Americans save 10 billion dollars every year by purchasing generic drugs.
MyMedsSavingsCard is a discount prescription drug card that saves our cardholders up to 80% off the pharmacy’s usual and customary price. On average, savings range from 20% on brand name drugs to 50% off on generics. Print your FREE discount drug card now.
Information obtained from the FDA, US News and World Report, Mint.com, and Consumer Reports.