Save Money with Better Living with Generics™
Did you know that in most cases generic drugs are equally effective as brand-name drugs but usually cost far less? Given all you can save by taking generic drugs, we want you to invite you to join hundreds of your fellow Sterling Retiree Rx members who appreciate our Better Living with Generics program. How do you get generic drugs? It’s usually easy when you take the following steps:
- Ask your doctor to prescribe generics or write “may substitute” on your prescriptions. “May substitute” means that the pharmacist can substitute the generic equivalent for your prescription at the pharmacy.
- Say “yes” if your pharmacist asks whether you would like the generic equivalent of the brand name medicine your doctor prescribed.
- If there is no generic equivalent for a brand name medicine you are prescribed, ask your doctor if there is a generic alternative available to treat your condition and if it would be right for you. A “generic alternative” is a therapeutic alternative utilizing a generic drug to treat the same condition.
Consumer Reports identifies “Best Buy Drugs”
We all trust Consumer Reports to tell us the pros and cons of consumer electronics and cars, but now they have put their research to work to assist consumers in selecting low cost drugs that work just as well as their brand name counterparts.
Consumer Reports “Best Buy Drugs”, a public education project, makes comparative drug information available free of charge at Consumer Reports Health.
They used research reports from experts at the Drug Effectiveness Review Project at the Oregon Health and Science University to provide this helpful report.
A “Best Buy Drug” must be as safe and effective as others in its class and available at a lower cost.
Patients and health care professionals can utilize the Consumer Reports Web site for unbiased information about specific drug products in the 35 classes currently reviewed.
Below please find a chart depicting some of the most popular low cost drugs researched by
Consumer Reports.
Tremendous savings with Generic Drugs
Why would you ever take a generic drug when you could stick with a trusted brand name? In a word: price. Generic drugs contain the same active ingredients at the same strength and purity as their brand-name counterparts, but they come at a fraction of the cost. According to the Congressional Budget Office, generic drugs save consumers an estimated $10 billion to $15 billion a year.
How much you save is up to you. If you ask your doctor about generic drugs and shop around for the best price, you could reduce your medical expenses substantially.
Frequently Asked Questions
How much cheaper are generic drugs?
The difference in the average wholesale price between generics and brand name drugs varies widely (the retail price can vary even more, see below). In most cases, generic drugs cost about 50 to 60 percent less than brand name versions.
Here are a few examples of the wholesale prices of brand names versus generics:
The average wholesale price of the 20 milligram dose of Paxil is $3.85, compared with $.60 for the generic drug paroxetine. If you take one pill each day, the generic version could theoretically save you $1,186.25 each year. If you need to take 325 mg of the pain reliever Percocet twice daily, the wholesale price would be $2.36 per day. The generic version -- oxycodone with acetaminophen -- would cost $0.55 a day. Over a year, the potential savings would be $660.65.
The wholesale price for 300 mg of the heart medication Cardizem CD is $2.37, compared with $1.52 for the generic version diltiazem HCL. If you take one pill a day for a year, the savings would be $310.25.
Why are brand name drugs more expensive?
Companies spend millions of dollars developing new drugs. First, they screen promising candidates in the lab, test the drugs on animals, and then move on to small trials with human subjects. Finally, the companies conduct longer clinical trials with more people. Companies protect their investment by filing for patents on new drugs as soon as they're invented.
Years later, once the patent has expired and the company has used up its right to manufacture the drug exclusively, other companies can apply to the FDA to make a generic version. Without research costs to cover, these companies can sell the generic drug at a price that's closer to the manufacturing cost.
Do all pharmacies charge the same price for generics?
No. Wal-Mart and several other pharmacy chains have decided to price some of the most frequent dispensed generics at $4.00 for a thirty day supply, while other pharmacies are still pricing these medications at a much higher retail price.
If generics are so much cheaper, why does my doctor prescribe brand names?
First of all, not every medication has a generic equivalent. Also, if the exact blood levels of a medicine's active ingredient are crucial, some doctors hesitate to switch patients from brand names to generics. In many other cases, doctors prescribe brand name drugs because they simply aren't aware of the potential savings. Still, your doctor will likely be glad to prescribe a generic drug if one is available and safe for you to take.
Is there a generic to treat your condition?
The drugs listed here include some of the most commonly prescribed brand medicines that have FDA-approved generic equivalents. If you are taking one of these medicines, you may be able to save money by taking the generic version.
There are many more brand medicines that have generic equivalents. If your prescribed medicine is not on this list, contact the Customer Care Representative at 1-800-313-7667 or ask your doctor or pharmacist.
For more information on generic drugs, please see the resources below.
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