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Generic vs Brand Name Drugs: Understanding the Differences and Saving Money
Medically reviewed by Angel Kerney | MD, F.A.C.O.G Obstetrics & Gynecology on October 6th, 2024.
Prescription drugs can be expensive, whether for short-term treatment or long-term use. However, generic versions of brand-name drugs can provide significant cost savings. According to the Food and Drug Administration (FDA), nearly 80% of prescriptions are for generic drugs, which on average cost 80% to 85% less than their brand-name counterparts.
Types of Generic Drugs
There are two main types of generic drugs:
Generic substitution: These drugs are molecularly equivalent to the brand-name version. The FDA certifies that they are equal in terms of effectiveness and quality.
Therapeutic interchange: These drugs are medically similar but not molecularly identical to the brand-name drug. They are often used when a generic substitution is not yet available due to patent restrictions.
Effectiveness of Generic Drugs
Research supports the overall effectiveness of both types of generic drugs. A 2015 report published in the Annals of Internal Medicine advocated for increased use of generic drugs, citing their equality with brand-name counterparts and valuable cost savings.
Discussing Generic Options with Your Doctor
Doctors may not always offer the choice of a generic drug due to personal preferences, past success with patients, or lack of awareness about newly available generics. A 2016 ProPublica analysis found that doctors who receive payments from the medical industry tend to prescribe more brand-name drugs on average.
To ensure you have access to cost-saving generic options, be proactive when prescribed any medication and ask your doctor if generic versions are available. In many states, pharmacies can switch to a generic substitution unless the prescription specifies "dispense as written."
Finding the Right Prescription Drug for You
Remember that most drugs, whether brand-name or generic, may not work the same for everyone. If a generic drug is not successful, you are not forced to switch to the brand-name version. Many drugs have multiple generic options, providing you with more choices to find the most effective and affordable medication for your needs.
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